BPCL Ar 2020 21

ANNUAL REPORT
2020-21
ENERGIZING
INDIA'S GROWTH
ENGINES!
1
Energizing India’s Growth
Engines!
To say that the year 2020-21 was tumultuous would be an understatement. As the killer
coronavirus landed on the shores of the nation and began spreading like a wildfire, businesses
were shuttered and streets wore a deserted look. An inky-dark gloom descended, clutching the
entire nation in an ominous grip.
With the sudden onset and the shocking speed of spread of SARS-CoV-2 virus, apprehension
and uncertainty clouded the cumulative conscience of the nation. And at stake was nothing less
than the stability and day-to-day functioning of communities.
Given the rapidly evolving pandemic scene, Bharat Petroleum lost no time and swung into action
on war footing, mounting a resounding response to tame the worst impacts of the pandemic.
Our diverse petroleum product portfolio and the massive nationwide presence meant that
every step we took towards keeping the nation energised diluted the influence of the pandemic on
the society in multiple ways.
Throughout this pandemic, our foresight, swiftness and unwavering resilience have defined
our resolute efforts in serving communities uninterruptedly during the lockdowns, keeping the
wheels of the nation in motion.
Our frontline COVID warriors went beyond the call of duty and kept our depots and fuel stations
operational, while our Refineries and LPG bottling plants kept humming, ensuring seamless
production and supply of fuel for the country. Rising to the occasion, our supply chain partners
have stood shoulder-to-shoulder with the Corporation in this crucial endeavor. Apart from serving
our customers seamlessly during this unprecedented upheaval, the BPCL family also provided
humanitarian assistance to our brethren in need – the stranded migrant workers returning to their
hometowns during the initial lockdown – which is among the several grassroots initiatives we
have undertaken during these trying times.
Putting the interests of the citizens first and foremost is the foundation on which we have built
our edifice, and this is our solemn duty as well as privilege.
The glorious history of Bharat Petroleum is replete with our determination to overcome
challenges of all kinds. And even though the COVID pandemic is far from over, our diligent and
concerted efforts have proved us as an equal match to the challenge.
Energy has a direct multiplier effect on every segment of the economy and it is the force that
underpins the growth of all industrial sectors. When the nation entered a stage-wise unlock
phase, Bharat Petroleum quickly resumed project activities involving layouts worth thousands
of crores of rupees across the entire value chain, thus boosting employment and accelerating
the process of economic recovery.
Furthermore, the Corporation is catalysing ‘new’ growth by supporting novel concepts of
budding entrepreneurs through funding and nurturing of several promising new-age start-ups,
with the aim to turn them into multiple hubs around which relevant ecosystems can evolve
and flourish. With this quest to foster innovation, along with sustained efforts in the core areas,
Bharat Petroleum is energising India’s myriad growth engines.
Contents
Chairman’s Letter 2
Board of Directors 4
Bankers, Auditors, Share Transfer Agent and 5
Registered Office
Management Team 6
Vision, Values, Culture and Mission 7
Performance Highlights 8
Energising the Nation 12
Notice to Members 13
Directors’ Report 26
Management Discussion & Analysis Report 56
Report on CSR 100
Report on Corporate Governance 113
Business Responsibility Report 140
Comments of C & AG 164
Performance Profile 176
Standalone Financial Statements 182
Auditors’ Report 183
Balance Sheet and Statement of Profit & Loss 196
Cash Flow Statement 198
Consolidated Financial Statements 287
Chairman’s Letter
Dear Shareowners, to Government initiatives like supply of oxygen from
Hope this finds you and your loved ones safe and healthy! refineries and PSA oxygen plants to hospitals. The
Company continued its operations with utmost safety
The year 2020-21 will perhaps be forever etched in our at all touch points and deployed all possible means to
memory as a very difficult year for the havoc it wreaked on minimize the impact of disruption on its performance
lives and livelihood. However, as with all types of crises, – physical and financial. The Company extensively
the period also saw some exceptional performances and focused on improving efficiencies, optimizing costs, re-
will be remembered for the strengths and resilience it calibrating resource allocation, strengthening systems
brought out in us. and processes and fortifying risk management besides
It is with immense pleasure and pride that I share with you exploring profitable growth opportunities in the changing
the stupendous financial performance of your Company business and energy landscape.
during the year. Your Company created history, recording Undeterred by the impediments caused by the pandemic,
the highest ever Profit Before Tax of `22,618 crores and your Company concentrated on project execution and
Profit After Tax of `19,042 crores on a standalone basis, achieved completion/commissioning of many projects.
as against `2,671 crores and `2,683 crores respectively, The flagship Propylene Derivative Petrochemical Project
in the previous year. Even after excluding the one-time at Kochi Refinery started commercial production.
gain on the sale of stake in Numaligarh Refinery Limited Augmenting its marketing strength, BPCL commissioned
and other Exceptional Items, the Profit Before Tax is 2,444 new Retail Outlets (ROs) during the year 2020-21 in
the highest at `16,169 crores. The strong refining and the target areas – the highest in a year in the history of the
marketing margins and inventory gains have contributed Company. Completion of the Haldia LPG Import Terminal
to this stellar performance. As regards physical and Pune Haveli POL Terminal has further bolstered our
performance, the pandemic related demand disruptions marketing infrastructure.
resulted in a decline in refinery throughput to 26.40 MMT
and market sales to 38.74 MMT, lower by 17% and 10% During the year 2020-21, your Company took some
respectively, as compared to last year, which was in line landmark decisions in the direction of consolidating its
with the Industry. In the backdrop of such exceptional interests in Subsidiary companies. Towards augmenting
financial performance, the Company has rewarded its its refining portfolio and drawing logistics and operational
shareholders with the highest ever dividend of `79 per synergies, your Company engaged with the Joint
share (including a one-time special dividend of `35 per Venture partner O.Q.S.A.O.C.(“OQ”, formerly known as
share in final dividend). Oman Oil Company S.A.O.C.) for acquiring its 36.62%
shareholding in Bharat Oman Refineries Limited, paving
More than a year into the pandemic, the world continues the way for making it a 100% subsidiary from the
to face its subsequent waves, affecting lives as newer existing 63.38% stake, which was completed in June
mutants of the virus emerge. The uncertainty surrounding 2021. Further, streamlining the corporate structure and
the pandemic is far from over, even though the facilitating efficient utilization of capital and resources
development of vaccines and medicines have given a ray for swifter scale-up of gas business, your Company has
of hope. However, the extent and efficacy of vaccination decided to merge the wholly owned gas subsidiary –
and the reform initiatives by the governments hold the Bharat Gas Resources Limited with itself and taken steps
key to successfully emerge out of the crisis and to get in this regard. These transactions are expected to create
back on to the path of a sustainable economic growth. greater synergistic value in due course of time.
It is in these difficult times that lies the test of one’s Digitalization has always been a strategic imperative
strength and tenacity. Your company stood strong in and a key focus area for BPCL. I am happy to inform you
the adversity and navigated successfully through the that your Company has taken a major leap in extensive
challenges posed by the crisis. A true Corporate Citizen, proliferation of digitalization through its Project Anubhav
BPCL has been at the forefront of service to the society, initiative, which aims to fortify BPCL’s marketing prowess,
ensuring uninterrupted supply of petroleum products provide support in terms of further customer engagement
at all times and contributed immensely towards nation and add to business process efficiencies. Through various
building and fight against the disease, including support digital solutions, the Company is redefining customer
2
experience with multiple offerings, a few of which have With respect to the disinvestment of GOI’s entire stake
been launched and many more are to be launched in the Company, the transaction has progressed to next
shortly. Concomitantly, the digitalization of the entire stages, with Qualified Bidders currently accessing the
supply chain and operations will enhance transparency, data room and conducting due diligence. As I have been
cost-competitiveness, agility and customer focus. mentioning, the disinvestment, in the hands of the right
With the aim to right-size the organization and reduce acquirer, will unlock tremendous value for all stakeholders
redundancies while retaining the requisite talent, BPCL and will be a major stepping stone towards realizing our
successfully implemented the Voluntary Retirement vision of becoming one of the ‘Most Admired Global
Scheme, which saw overwhelming response. Further, in the Energy Companies’.
backdrop of the impending disinvestment, the Company We owe our strong performance and continued growth to
offered upto 2% of BPCL’s shares at a discount to eligible all our leaders, employees, business partners, vendors,
employees through an Employee Stock Purchase Scheme bankers and other stakeholders. I would like to place on
in recognition of their loyalty and contribution. record my deepest gratitude for their unstinted support,
Health, Safety, Security and Environment continues unswerving loyalty and valuable contribution, which has
to be our topmost priority and forms the foundation of helped us achieve so much and inspired us to aspire for
all our endeavors. We firmly believe in ‘Profitability with more. I would also like to thank the Ministry of Petroleum
Sustainability’ and aim at conducting all our operations in and Natural Gas for all the help and guidance. I profusely
a safe and socially-environmentally responsible manner. acknowledge and appreciate the confidence reposed by
the investors in BPCL management, which is a continuous
Ambitious and progressive, your Company constantly
source of our strength and encouragement.
looks for opportunities to grow and generate higher
value. The Company is fully seized of the evolving energy As I conclude, I urge you to take necessary precautions
scenario and changing customer preferences and has and follow COVID-appropriate behavior and guidelines.
been recalibrating its strategies to remain relevant today Together we can defeat this invisible enemy and also
and become future-ready. Aligned with national priorities weed out any other challenges in our relentless pursuit to
and committed to a greener environment, BPCL is create a better tomorrow.
expanding its footprints in biofuels, gas and renewables Wishing you and your family members a safe and healthy
space and has drawn up ambitious plans towards scaling living.
it up.
In line with the Government of India’s (GOI) decision, your
Company has completed the disinvestment of its 61.65%
stake in Numaligarh Refinery Limited in March 2021. The
stake sale has resulted in substantial gains, which has K. Padmakar
enabled distribution of record dividend to shareholders. Chairman & Managing Director
3
Board of Directors
K. PADMAKAR D. RAJKUMAR
Chairman & Managing Director Chairman & Managing Director
(w.e.f. 1.9.2020) (up to 31.8.2020)
Director (Human Resources)
ARUN KUMAR SINGH N. VIJAYAGOPAL R. RAMACHANDRAN

Director (Marketing) with additional charge of Director (Finance) Director (Refineries)
Director (Refineries) and Director (Finance) (up to 31.7.2021) (up to 31.8.2020)
DR. K. ELLANGOVAN RAJESH AGGARWAL VINAY SHEEL OBEROI

Principal Secretary (Industries & NORKA) Additional Secretary & Financial Independent Director
Govt. of Kerala Advisor, MoP&NG (up to 9.4.2020)
HARSHADKUMAR P. SHAH
Independent Director
4
(L to R) : Mr. K. Padmakar, Chairman & Managing Director and Director (Human Resources)
Mr. Arun Kumar Singh, Director (Marketing) with additional charge of Director (Refineries) and Director (Finance)
BANKERS AUDITORS SHARE TRANSFER AGENT
• State Bank of India M/s. CVK & Associates

2, Samarth Apartments,
• Standard Chartered Bank
Ground Floor, Data Software Research Co.
• BNP Paribas D. S. Babrekar Road, Pvt. Ltd.
Off Gokhale Road (North), 19 Pycrofts Garden Road,
• Union Bank of India
Dadar (W), Mumbai 400 028 Nungambakkam,
• Bank of India
M/s. Borkar & Muzumdar Chennai 600 006.
• Deutsche Bank 21/168, Anand Nagar,
• ICICI Bank Om C. H. S.,
Anand Nagar Lane,
• HDFC Bank Vakola, Santacruz (East),
• IDBI Bank Mumbai 400 055
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
5
Management
Team
Mr. A.K. Tiwari Chief Vigilance Officer Mr. P. K. Bhowmick Chief Procurement Officer (Refineries)
Dr. D.C. Patra Executive Director (Planning) Mr. P. K. Ramanathan Chief General Manager Logistics & Ops. (LPG), HQ
Mr. D. V. Mamadapur Executive Director (International Trade) Mr. P. Sudhahar Head Projects (Gas)
Mr. G. Krishnakumar Executive Director (Lubes) Mr. Pushp Kumar Nayar Head Supply Chain Management (Lubes)
Mr. Kurian Parambi Executive Director (HR) Mr. Rajiv Dutta Head (Retail), North
Mr. L. R. Jain Executive Director (E&P) Mr. Ramakrishnan N. Chief General Manager (Finance), Mumbai Refinery
Mr. M. A. Khan Executive Director (Corporate Coordination & Mr. Ramakrishnan T. N. Chief General Manager Rural Initiatives (Retail)
Development) Mr. Ramesh S. Head (Infra T/F), HQ
Mr. M. R. Subramoni Iyer Executive Director (Mumbai Refinery) Mr. Ravikumar V. Chief General Manager (Research & Development)
Mr. Manoj Heda Executive Director (Corporate Finance)
Mr. R. Sundaravadhanan Head Business Process Excellence Centre (BPEC)
Mr. N. Shukla Executive Director (Planning)
Mr. Ravindra V. Deshmukh Chief General Manager (QCC), HQ
Mr. P. Anilkumar Executive Director (Information Systems)
Mr. Sanjeeb K. Paul Chief General Manager (Biofuels)
Mr. Priyotosh Sharma Chief Procurement Officer (CPO Marketing)
Mr. P. S. Ravi Executive Director (Retail) Mr. Sanjeev Agrawal Chief General Manager
(Retail Engg & Compressed Bio Gas Project), RHQ
Mr. P. V. Ravitej Executive Director In-Charge Refineries
Mr. R. P. Natekar Executive Director (Planning & Corporate Affairs) I/C Mr. Sanjeev Raina Chief General Manager (HSSE), Sewree
Mr. R. R. Ghalsasi Executive Director (Refineries Projects Org.) Ms.Sarah Thomas Chief General Manager (Emp. Relations),
Mr. Sanjay Khanna Executive Director (Kochi Refinery) Kochi Refinery
Mr. Santosh Kumar Executive Director (LPG) Mr. Shelly Abraham Chief General Manager (IT) Crude
Mr. Subikash Jena Executive Director (I&C) Mr. Shrikant Yadwadkar Head Marketing (Gas)
Mr. Sukhmal K. Jain Executive Director (Gas) Mr. Senthilkumar G.R. Chief General Manager Technology, Kochi Refinery
Ms.Teresa Naidu Executive Director (Internal Audit) Mr. S. Mehrishi Chief General Manager (IS), Kochi Refinery
Mr. T. Peethambaran Executive Director (Digital Business) Mr. Sreekumar R. Chief General Manager I/C (SCO)
Mr. Vijay Ranjan Executive Director (Aviation)
Mr. Sreeram A.N. Chief General Manager
Mr. V. Jacob Executive Director (Quality Control Cell) (Project Technical & Petchem)
Mr. Abhay Shah Chief General Manager Marketing I/C (Lubes), HQ
Mr. Srikanth S. Chief General Manager (SCO)
Mr. Akash Tiwari Chief General Manager Bus.Dev.(I&C), HQ
Mr. Sriram S. Chief General Manager
Mr. Anurag Saraogi Chief General Manager Biofuels (Retail), HQ
(Engg.& Advisory Services), Kochi Refinery
Mr. A. R. Shah Chief General Manager (Projects & Projects
Procurement), Mumbai Refinery Mr. S. Srinivasan Chief General Manager Sales (I&C), HQ
Mr. Arul Muthunathan V. Chief General Manager (RNP & RE), HQ Mr. S. S. Sontakke Head Logistics (Gas)
Mr. Bibhudutta Mishra Chief General Manager (Coordination) Mr. Subhankar Sen Chief General Manager (Retail Initiatives & Brand),
Mr. Biju Gopinath Head, New Businesses Retail HQ
Mr. Chacko M. Jose Chief General Manager (Operations), Mr. Subhasis Mukherjee Chief General Manager (Internal Audit)
Kochi Refinery Mr. Sunil Kumar Chief General Manager (E & AS), Mumbai Refinery
Mr. Chandrasekhar N. Chief General Manager (Operations), Mr. Suresh John Chief General Manager (Projects Procurement)
Mumbai Refinery Mr. Syed Abbas Akhtar Chief General Manager (PR & Brand)
Mr. Debashis Ganguli Chief General Manager (P&AD), Lubes
Mr. T. V. Pandiyan Regional LPG Manager, West
Mr. Deepak Jha Chief General Manager OEM (Lubes)
Mr. T. V. Rama Rao Chief General Manager IS & Digital Strategy I/C
Mr. Dinabandhu Mandal Chief General Manager Logistics I/C (Retail), HQ
(MR & KR), Mumbai Refinery
Ms.Geeta V. Iyer Chief General Manager (Finance), Kochi Refinery
Mr. Vijay N. Tilak Chief General Manager Sales & LPG Marketing
Mr. K. Ajith Kumar Chief General Manager (Projects), Kochi Refinery
Strategy, HQ
Mr. Kani Amudhan N. Chief General Manager Pipelines (Ops. & Projects)
Mr. K. Ravi Head (Retail), West Mr. V.R.K. Gupta CFO With Additional Charge of Head Corporate
Treasury
Mr. Kurian P. Alapatt Chief General Manager I/C (HR), Kochi Refinery
Mr. Mahadevan Easwaran S. Chief General Manager (Marketing Corporate) Ms. V. Srividya Chief General Manager (Retail), HQ
Mr. Mathews M. John Chief General Manager Technology, Mr. Anil Ahluwalia General Manager I/C (ESE)
Mumbai Refinery Ms Anu Mohla General Manager I/C (Legal), HQ
Mr. M. R. Chaturvedi Chief General Manager (HRD)
Ms Kala V. Company Secretary
Mr. M. Sankar Chief General Manager Manufacturing,
Kochi Refinery Mr. Rajiva R. Mandal General Manager I/C Vigilance
Mr. Pardeep Goyal Chief General Manager Projects CNG (Gas) Mr. Sameet Pai General Manager (Corporate Strategy)
6
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
7
Performance
Highlights
Gross Revenue from Operations is ` 3,01,864.98 Crores
Refinery throughput is 26.40 MMT
Market sales including exports is 40.69 MMT
Net profit is ` 19,041.67 Crores
Market share is 24.35%
8
Gross Sales Turnover / Profit A�er Tax (` Crores) Internal Genera�on / Capital Expenditure (` Crores)
3,36,384 19,042
3,50,000 3,26,393 20,000
18,000 17,231
Standalone Capital Expenditure

3,00,830 18,000
3,00,000 2,76,401
16,000 15,000
2,41,859
2,50,000 14,000
Gross Sales Turnover
Internal Genera on
12,000 11,064 11,064
r tax
2,00,000 12,000 10,394
9,540
8,039 10,000 8,738
1,50,000 7,976 7,132 7,449
8,000 9,000
8,759
Pro
1,00,000 6,000
2,683 6,000
4,000
50,000 4,723
2,000
3,000 1,133
0 0
0
2016-17 2017-18 2018-19 2019-20 2020-21 2016-17 2017-18 2018-19 2019-20 2020-21
Sales Turnover Pro r tax Internal Genera on Standalone Capital Expenditure #
# Includes investment in Subsidiaries, JVC's and Associates.
Refinery Throughput (Million Metric Tonnes) Produc�on (Million Metric Tonnes)
35
31.91
31.01
30 28.54 30.24
26.40 29.34
25.39 30 26.95
25 25.12
24.21 9.37
25 8.46
20 7.95
26.14 27.45 20 7.27 8.81
23.80
15 20.42 22.74
15
10 17.06 17.60
10 16.05
14.49 13.90
5
5
4.97 4.74 4.87 4.46 3.66
0 2.45 2.95 3.82 3.27 2.41
0
2016-17 2017-18 2018-19 2019-20 2020-21 2016-17 2017-18 2018-19 2019-20 2020-21
Indigenous Imported Heavy Ends Middle Dis�llates Light Dis�llates
Market Sales Volume (Million Metric Tonnes) Total Funds Employed (` Crores)
95,142
88,858
90,000 9,810
7.30 0.80 6.08 0.37 24.19 7,801
2020-21 38.74 4,472
80,000 73,856 5,967
1,850
6.87 2.01 6.95 0.31 26.96 70,000 64,007 6,169
2019-20 43.10 26,315
57,883 1,569
60,000 1,554 4,956
6.49 1.99 7.05 0.24 27.30 3,502 41,875
2018-19 43.07 50,000 29,099
23,351
5.99 1.79 6.51 0.32 26.60 40,000 23,159
2017-18 41.21
30,000
54,545
5.45 1.55 5.14 0.29 25.25
2016-17 37.68 20,000 36,738
29,668 34,131 33,215
0 10,000
5 10 15 20 25 30 35 40 45
0
2016-17 2017-18 2018-19 2019-20 2020-21
LPG Avia on Direct Lubes Retail Total Equity Borrowings excluding Lease Liability
Deferred Tax Liability Other Non-Current Liabilites
9
Basic Earning Per Share (EPS) / Dividend Per Share (DPS) / Book Value Per Share (`)
120 300
260.62
96.44
100 250
79.00
Book Value per Share

80 186.78 168.87 200
173.53
Basic EPS & DPS
150.84
60 150
40.87 40.55
36.26
40 100
21.67 21.00 19.00
20 13.64 16.50 50
0 0
2016-17 2017-18 2018-19 2019-20 2020-21
EPS, DPS & Book Value Per Share for previous years have been adjusted for Bonus issue
Basic EPS DPS (including proposed dividend) Book Value per Share
Financial Year 2019-20 Financial Year 2020-21

Distribu�on of Each
Rupee Earned
2019-20 2020-21
77.78% 61.93% Raw Materials, Purchase of Products for resale and Packages
13.44% 22.32% Du�es, Taxes etc.
2.17% 2.18% Transporta�on
2.88% 3.01% Other Opera�ng Expenses
1.12% 1.72% Employees' remunera�on and other benefits
0.66% 0.42% Finance cost
1.15% 1.26% Deprecia�on & Amor�sa�on
0.00% 1.13% Income Tax
1.74% 1.34% Dividend (including Dividend Distribu�on Tax)
-0.92% 4.69% Retained Earnings
10
Typical Ambient Air Quality vis-a-vis Statutory Treated Effluent Water Quality vis-a-vis
Standard (NAAQS limits Daily Averages) Statutory Standard at Mumbai Refinery
at Mumbai Refinery
20
100 20
100
90 18
80 80
80 16
15 14.84
70 14
60 59.77
60 12
10.73
50
10
40 32.48 8.5
8 7.52
30
19.22 6
5
20
9.95 4
10 2.45
2
0 0.5
ug/m3 ug/m3 ug/m3 ug/m3 0.35 0.18 0.28
0
NO2 SO2 PM < 2.5 PM < 10 pH BOD TSS Oil & Grease Phenols Sulphides
(All Units are in ug/m3) (All Units are in mg / ltr. expect pH)
Standard NAAQS limits (DAILY AVERAGE) Actual Standard Actual
Typical Ambient Air Quality vis-a-vis Statutory Treated Effluent Water Quality vis-a-vis Statutory
Standard at Kochi Refinery Standard at Kochi Refinery
70 25
60
60
20
54.24 20
50
50
All Units are (mg/ltr. except pH)
40 40 15
15
All Units are (mg /Nm3)
40
12.49
11.73
30
25.37 10 8.5
7.2
16.93
20
12.54 5
5
3.43
10
0.5
0.35 0.11 0.41
0 0
NOx SO� PM < 2.5 PM < 10 pH BOD TSS Oil & Grease Phenols Sulphides
Standard NAAQS limits (DAILY AVERAGE) Actual Standard Actual
11
energising
the nation
12
NOTICE TO THE MEMBERS
Notice is hereby given that the 68th Annual General Meeting of the Members of Bharat Petroleum Corporation Limited (“the
Company”) will be held on Monday, 27th September, 2021, 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
31st March, 2021 (b) the Audited Consolidated Financial Statements of the Company for the Financial Year ended
31st March, 2021; 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 payments of First and Second Interim Dividend and to declare Final Dividend on Equity Shares for the
Financial Year ended 31st March, 2021.
3) To appoint a Director in place of Shri Arun Kumar Singh, Director (DIN: 06646894), 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 2021-22 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 authorised 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 2021-22, as may be deemed fit by the Board.”
B. Special Business
5) Approval of Remuneration of the Cost Auditors for the Financial Year 2021-22
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 31st March, 2022 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.
Annual Report 2020-21 13

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: 2nd September, 2021
Registered Office:
Bharat Bhavan, 4 & 6 Currimbhoy Road, Ballard Estate,
Mumbai 400 001 CIN: L23220MH1952GOI008931
Phone: 2271 3000 / 4000 Fax: 2271 3874
email: info@bharatpetroleum.in Website: www.bharatpetroleum.in
Notes :
1. In view of the ongoing outbreak of the COVID-19 pandemic, pursuant to the General Circulars Nos. 20/2020 dated
5th May, 2020, 02/2021 dated 13th January, 2021 issued by the Ministry of Corporate Affairs(MCA) and Circular
Nos.SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated 12th May, 2020, SEBI/HO/CFD/CMD2/CIR/P/2021/11 dated
15th January, 2021 and SEBI/HO/CFD/CMD1/P/CIR/2021/602 dated 23rd July, 2021 issued 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.
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 with 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. 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.
3. Since the present AGM is being held through VC/OAVM, Proxy form, Attendance Slip and Route map are not enclosed
to the notice.
4. 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.
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. The facility of participation at the AGM through VC/OAVM will be made available for
1000 members on first come first served basis. This will not include large Shareholders (Shareholders holding 2% or
more shareholding), Promoters, Institutional Investors, Directors, Key Managerial Personnel, Auditors, etc. who are
allowed to attend the AGM without restriction on account of first come first served basis.
14 Bharat Petroleum Corporation Limited

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 (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. For
this purpose, the Company has entered into an agreement with National Securities Depository Limited (NSDL) for
facilitating voting through electronic means, as the authorized 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.
In line with the MCA Circular No. 17/2020 dated 13th April, 2020, 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-information/annual-reports.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 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 MCA Circulars and SEBI Circulars, Notice of the AGM along with the Annual Report 2020-21 is sent
only through electronic mode to those Members whose email addresses are registered with the
Company/Depositories.
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. email id: 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 Depository Participant.
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
Depository Participants (DPs) in respect of shares held in electronic form.
d. In case of any queries relating to shares, the members are requested to contact the RTA at the above email
address.
8. The Board of Directors of the Company has recommended a final dividend of ` 58 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
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 provide the bank particulars to
Depository Participants/Depositories along with the self attested copy of PAN, ID proof etc. which will be used by the
RTA and 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 and Company will
use physical payment instructions for payment of dividend to these Members with printing the bank account details
of the Members wherever applicable.

Members who hold physical shares may provide updated bank details with relevant documents viz self
attested copy of PAN, ID proof etc. to Registrar and Share Transfer Agent (Data Software Research Co. Pvt. Ltd. 19,
Pycrofts Garden Lane, Off. Haddows Road, Nungambakkam, Chennai - 600 006, Ph: +91-44-2821 3738 / 2821 4487,
Fax: 91-44-2821 4636, Email : bpcl@dsrc-cid.in .
11. The Register of Members and Share Transfer Books of the Company will remain closed from Saturday,
18th September, 2021 to Monday, 27th September, 2021 (both days inclusive) for the purpose of the AGM/payment of
final dividend on equity shares for the year ended 31st March, 2021, if declared at the AGM as under:
a) To all Beneficial Owners in respect of shares held in electronic form as per the data to be made available by
NSDL/CDSL as of the close of business hours on Friday, 17th September, 2021.
b) To all Members in respect of shares held in physical form after giving effect to valid share transmission and
share transposition requests lodged with the Company/Registrar & Share Transfer Agent (RTA) viz., Data
Software Research Co. Pvt. Ltd. as of the close of business hours on Friday, 17th September, 2021.
12. 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
1stApril, 2019 except in case of requests received for transmission or transposition of securities.
13. The certificate from Auditors certifying that the ESPS scheme of the Company is implemented in accordance with
SEBI (Shared Based Employee Benefits) Regulations, 2014 is available at https://www.bharatpetroleum.in/bharat-
petroleum-for/investors/shareholders-information/agm-reports.aspx.
14. The Register of Directors and Key Managerial Personnel and their shareholding maintained under Section 170 of the
Companies Act, 2013, the Register of Contracts or Arrangements in which the Directors are interested, maintained
under Section 189 of the Companies Act, 2013, 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.
15. 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, 20th September, 2021 through email on ssc@bharatpetroleum.in. The
same will be replied by the Company suitably through email.
16. As required under Regulation 36(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a
brief resume of person seeking reappointment as Director under Item No. 3 of the Notice is attached.
17. 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 holding shares in physical form may obtain the Nomination
Form from the Company’s Secretarial Department at its Registered Office or from the Registrar and Transfer Agent
(RTA) or can download the form from the Company’s website viz. www.bharatpetroleum.in. Members holding shares
in electronic form have to approach their Depository Participants (DPs) for completing the nomination formalities.
18. Non-Resident Indian members are requested to inform the RTA immediately about:
( ) 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.
19. The members may note that SEBI has mandated the submission of PAN by every participant in the Securities Market.
20. 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
Friday, 24th September, 2021. The detailed communication regarding TDS on dividend sent to the members is
provided on the link: https://www.bharatpetroleum.in/bharat-petroleum-for/investors.aspx.

Kindly note that no documents in respect of TDS would be accepted from members after Friday, 24th September,
2021.
21. 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.
22. 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 2012-13 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 2012-13 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 of BPCL who have not yet encashed their dividend warrant(s) for the Financial Year 2013-14 or
dividend warrants(s) for any subsequent financial years are requested to make their claims without any delay to
the Registrar & Share Transfer Agent/Company. It may be noted that the unclaimed amount of dividend for the
Financial Year ended 31st March, 2014 becomes due for transfer to IEPF Authority on 24th October, 2021. It may
please be noted that if no claim/application is received by the Company or the Company’s RTA for the Financial
Year 2013-14 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 Thursday, 23rd September, 2021 at 9:00 a.m. and ends on Sunday,
26th September, 2021 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,
20th September, 2021, 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, 20th September, 2021.
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 9th December, 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.

Login method 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 https://eservices.nsdl.com either on a Personal Computer or on a mobile. On
demat 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 hold 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 user id and password. Option will be made available to reach e-Voting page
demat 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
demat mode) login logging in, you will be able to see e-Voting option. Click on e-Voting option, you will
through their depository be 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
holding securities in a 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 URL:
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 e-
Voting and you can proceed to Step 2 i.e. Cast your vote electronically.

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.
Process for those shareholders whose email ids are not registered with the depositories for procuring user id and
password and registration of e mail ids for e-voting for 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.
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 9th December, 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.
Step 2: Cast your vote electronically and join General Meeting on NSDL e-Voting system.
How to cast your vote electronically and join General Meeting on NSDL e-Voting system?
1. After successful login at Step 1, you will be able to see all the companies “EVEN” in which you are holding shares and
whose voting cycle and General Meeting is in active status.
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 General Meeting. For joining virtual meeting, you need to click on “VC/OAVM” link placed under “Join
General 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 info@dholakia-associates.com with a copy
marked to evoting@nsdl.co.in.
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/grievances 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.
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 General 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. 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 bpclagm2021@bharatpetroleum.in from Friday, 17th September, 2021 to
Monday, 20th September, 2021. 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.
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/ shareholders, 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. The details of the person who may be contacted for any grievances connected with the facility for e-Voting on the day
of the AGM shall be the same person mentioned for Remote e-voting.

Other Instructions:
i) You can also update your mobile number and email id in the user profile details of the folio by providing this
information to the Depositories/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 Depository Participants (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 Data Software Research Company
Private Limited (DSRC), Registrar and Share Transfer Agent of the Company.
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, 20th September, 2021. A person whose name is recorded in the register of
Members or in the register of Beneficial Owners maintained by the Depositories as on the cut-off date i.e. Monday,
20th September, 2021 only shall be entitled to avail of the facility of remote e-voting at the Annual General Meeting. 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, 20th September, 2021, may obtain the login ID and password by sending a request at
evoting@nsdl.co.in or bpcl@dsrc-cid.in.
However, if you are already registered with NSDL for remote e-voting, then you can use your existing user ID and
password for casting your vote. If you forgot your password, you can reset your 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
shares as of the cut-off date i.e. Monday, 20th September, 2021 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) Shri Bhumitra V. Dholakia, Designated Partner (C.P. No. 507) and in his absence, Shri Nrupang B. Dholakia,
Designated Partner (C.P. No.12884) from Dholakia & Associates LLP, Practising 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 Annual General Meeting, first unblock
the votes cast through remote e-voting and shall make available, not later than forty eight hours 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 National Stock Exchange of
India Limited, where the shares of the Company are listed.
x) Members holding multiple folios may get their shareholding consolidated.

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 2021-22
The Board had 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 on 26th May, 2021 to conduct the audit of the Cost records
for the Financial Year 2021-22. 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 2021-22 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: 2nd September, 2021
Registered Office:
Bharat Bhavan, 4 & 6 Currimbhoy Road, Ballard Estate,
Mumbai 400 001 CIN: L23220MH1952GOI008931
Phone: 2271 3000 / 4000 Fax: 2271 3874

BRIEF RESUME OF DIRECTOR SEEKING REAPPOINTMENT AT THE 68TH ANNUAL
GENERAL MEETING IN TERMS OF REGULATION 36(3) OF LISTING REGULATIONS
AND SECRETARIAL STANDARD-2
Name Shri Arun Kumar Singh
Date of Birth 6th October, 1962
Date of first Appointment 1st October, 2018
Qualifications Mechanical Engineer with first rank from National Institute of
Technology, Patna (Formerly BCE, Patna)
Experience in specific functional areas He has headed various Business Units and Entities in BPCL
viz. Retail, LPG, Pipelines and Supply Chain Optimization etc
and has experience of over 35 years in the Oil & Gas Industry.
He has also held the position of President (Africa &
Australasia) in Bharat PetroResources Ltd, a wholly owned
Subsidiary of BPCL, engaged in exploration of Oil & Gas,
largely overseas.
Directorship held in other Companies Chairman:
Indraprastha Gas Ltd.
Director:
Bharat Gas Resources Ltd.
Petronet LNG Ltd.
Bharat Oman Refineries Ltd.
Membership/ Chairmanships of Audit and –
Stakeholders’ Relationship Committees
No. of Board Meetings attended during the 16
financial year 2020-21
Relationship with other Directors & KMP None
No. of shares held in BPCL 11,100 equity Shares

DIRECTORS’ REPORT
The Board of Directors takes pleasure in presenting the year 2019-20. During the year, the BPCL Group
its Report on the performance of Bharat Petroleum exported 2.00 MMT of petroleum products as against
Corporation Limited (BPCL) for the year ended 2.66 MMT during the year 2019-20. The decline in
31st March, 2021. physical parameters is mainly on account of lower
demand due to COVID-19 induced restrictions.
PERFORMANCE OVERVIEW
During this Financial Year, the Group achieved Gross
Group Performance
Revenue from Operations of ` 3,04,266.28 crore as
During the year 2020-21, the aggregate refinery compared to ` 3,29,797.16 crore in 2019-20. The Net
throughput of BPCL’s Refineries at Mumbai and Kochi, Profit attributable to BPCL stood at ` 16,164.98 crore in
along with Numaligarh Refinery Limited (NRL) which 2020-21 as against ` 3,055.36 crore in the previous year.
ceased to be a subsidiary of the Company with effect from The Group has recorded Basic Earnings per Share of
26th March 2021 and considering proportionate share of ` 81.87 in the current year as against ` 15.53 in 2019-20
throughput of Joint Venture Company Bharat Oman and Diluted Earnings per Share of ` 81.60 in the current
Refineries Limited, was 32.98 Million Metric Tonnes year as against ` 15.53 in 2019-20 after setting off
(MMT), as compared to 38.30 MMT during the year minority interest. Dilution of shares is on account of
2019-20. The BPCL Group ended the year with market equity shares proposed under Employee Stock Purchase
sales of 39.05 MMT, as compared to 43.36 MMT during Scheme.
CONSOLIDATED GROUP RESULTS 2020-21 2019-20

Physical Performance
Refinery Throughput (MMT) 32.98 38.30
Market Sales (MMT) 39.05 43.36
Financial Performance ` in crore

Revenue from Operations 3,04,266.28 3,29,797.16
Profit before Finance Costs, Depreciation, Share of profit/(loss) of equity 23,549.41 10,860.45
accounted investee, Exceptional Items and Tax
Finance Cost 1,723.41 2,637.01
Depreciation & Amortization expense 4,334.21 4,080.09
Profit before Share of profit/(loss) of equity accounted investee, 17,491.79 4,143.35
Exceptional Items and Tax
Share of Profit/(loss) of equity accounted investee (net of income tax) (325.53) 1,400.67
Exceptional Items - Income/(Expense) 5,265.76 (1,892.45)
Profit before Tax 22,432.02 3,651.57
Provision for Taxation-Current Tax 6,165.29 629.96
Provision for Taxation-Deferred Tax 82.17 (14.49)
Short / (Excess) provision for Taxation for earlier years (1,135.27) (629.68)
Net Profit for the year 17,319.83 3,665.78
Non-Controlling Interest 1,154.85 610.42
Net Profit attributable to BPCL 16,164.98 3,055.36
Other Comprehensive Income attributable to BPCL (1,279.36) 599.84
Total Comprehensive Income attributable to BPCL 14,885.62 3,655.20
Group Basic Earnings per share attributable to BPCL (`) 81.87 15.53
Group Diluted Earnings per share attributable to BPCL (`) 81.60 15.53

Company Standalone Performance 38.74 MMT in the year 2020-21 from 43.10 MMT in the
During the year 2020-21, the refinery throughput at year 2019-20. The decline in physical parameters is
BPCL’s Refineries at Mumbai and Kochi was 26.40 MMT, mainly on account of lower demand due to COVID-19
as against 31.91 MMT achieved in the year 2019-20. The induced restrictions.
Market sales of the Company declined by 10.12% to
COMPANY STANDALONE RESULTS 2020-21 2019-20
Physical Performance
Refinery Throughput (MMT) 26.40 31.91
Market Sales (MMT) 38.74 43.10
Financial Performance ` in crore

Revenue from Operations 3,01,864.98 3,27,580.78
Profit before Finance Costs, Depreciation, Exceptional Items and Tax 21,475.08 9,720.62
Finance Cost 1,328.36 2,181.86
Depreciation & Amortization expense 3,978.05 3,786.89
Profit before Exceptional Items and Tax 16,168.67 3,751.87
Exceptional Items - Income/(Expense) 6,448.91 (1,080.83)
Profit before Tax 22,617.58 2,671.04
Provision for Taxation – Current Tax 5,134.78 201.00
Provision for Taxation – Deferred Tax (402.98) 400.68
Short/(Excess) provision for taxation of earlier years (1,155.89) (613.83)
Net Profit for the year (A) 19,041.67 2,683.19
Other Comprehensive Income (OCI) 68.39 (497.99)
Total Comprehensive Income for the year 19,110.06 2,185.20
Opening Balance of Retained Earnings (B) 1,464.39 4,997.31
Amount available for disposal (A+B) 20,506.06 7,680.50
The Directors propose to appropriate this amount as under:
Towards Dividend:
Final Dividend of previous year - 1,735.40
Dividend Distribution Tax on Final Dividend of previous year - 327.54
Interim Dividend 4,555.43 3,579.27
Dividend Distribution Tax on Interim Dividend - 595.89
Dividend Distribution Tax pertaining to previous years - (4.45)
Transfer to Debenture Redemption Reserve 188.48 293.21
Income from “BPCL Trust for Investment in Shares” (270.87) (495.81)
Income from “BPCL ESPS Trust” (52.16) -
Re-measurements of Defined Benefit Plans (Net of tax) 67.57 185.06
Closing Balance of Retained Earnings 16,017.61 1,464.39
Summarized Cash Flow Statement :
Cash Flows:
Inflow/(Outflow) from Operating Activities 20,128.43 6,265.30
Inflow/(Outflow) from Investing Activities 2,071.41 (9,171.52)
Inflow/(Outflow) from Financing Activities (15,622.27) 2,940.22
Net increase/(decrease) in cash & cash equivalents 6,577.57 34.00

BPCL’s Gross Revenue from operations for the year and individuals across the globe were affected by several
2020-21 stood at ` 3,01,864.98 crore, a 7.85% decrease waves of the pandemic, to different extents.
from previous year’s revenues of ` 3,27,580.78 crore. Organizations were faced with an unprecedented
The Profit before Tax for the year was ` 22,617.58 crore, predicament, with no obvious solution in sight. While
as compared to ` 2,671.04 crore in the year 2019-20. governments and the medical fraternity worked overtime
After providing for Tax, (including Deferred Tax, Short/ to find a solution to this life versus livelihood dilemma, for
(Excess) provision for previous years) of ` 3,575.91 the immediate run, it was left to the understanding and
crore, as against ` (12.15) crore during the previous year, agility of individual companies to chart the way forward.
the Profit after Tax for the year stood at ` 19,041.67 crore
as against ` 2,683.19 crore in the year 2019-20. BPCL responded swiftly and efficiently to the changing
dynamics. Remaining true to its core purpose of
Profit for the current year is higher mainly due to
‘Energising Lives’ of the nation, the Company
improved refining and marketing margin, higher
marketing inventory gains and gain on sale of subsidiary immediately set up think tanks (comprising in-house as
Numaligarh Refinery Limited (NRL). Further, Company well as external experts) and quickly chalked out a path
has opted for lower Corporate Income Tax which has forward. This was designed with a two pronged approach
resulted in Lower Tax provision for the year. - firstly to ensure that the customers across India get
Internal Generation after adjusting Interim Dividends, BPCL products safely, by following all applicable COVID
Final Dividend of previous year, Depreciation and related protocols and secondly to ensure the continuing
Deferred Tax during the year was higher at ` 17,230.86 good health of the Company by designing new and
crore, as against ` 1,132.92 crore in the year 2019-20, creative methods for reducing costs and enhancing
mainly due to higher profit after tax. revenues.
The Basic Earnings per Share amounted to ` 96.44 in the As weeks and months passed, BPCL went well beyond
year 2020-21, as compared to ` 13.64 in the year 2019- the call of duty. In addition to complying with all
20. The Diluted Earnings per Share amounted to ` 96.12 directives of the Government for aiding the nation in its
in the year 2020-21, as compared to ` 13.64 in the year
fight against COVID-19 (including Working from Home to
2019-20. Dilution of shares is on account of equity
shares proposed under Employee Stock Purchase the maximum extent possible), the throughput of its
Scheme (ESPS). The Basic and Diluted Earnings per refineries and product distribution system was
Share is after adjustment of shares held under “BPCL dynamically tweaked, to align with the unpredictable
Trust for Investment in Shares” and “BPCL ESPS Trust”. waxing and waning of product demand, while at the same
time rendering complete support to its front line workers,
BPCL’s contribution to the exchequer by way of Taxes,
Duties and Dividend during the year 2020-21 amounted with all necessary Personal Protective Equipment (PPE),
to ` 1,25,583.30 crore, as against ` 97,672.88 crore in logistic support as well as COVID insurance protection.
the previous year. It is a matter of great pride for every BPCL employee to
st
As on 31 March 2021, BPCL’s Total Equity stands at look back with satisfaction on the year gone by. The
` 54,544.55 crore, as against the previous year’s figure of performance report card of the Company in this trying
` 33,214.38 crore. year is now there for everyone to see, and further fuels a
MATERIAL CHANGES AND COMMITMENTS AFFECTING sense of increased determination to face and overcome
THE FINANCIAL POSITION OF THE COMPANY BETWEEN the challenges ahead.
THE END OF THE FINANCIAL YEAR AND THE DATE OF
Management has assessed the potential impact of
THE REPORT.
COVID-19 based on the current circumstances and
The year 2020-21 witnessed one of the worst expects no significant impact on the continuity of
humanitarian and economic crisis as the COVID-19 operations of the business on long term basis/ on useful
pandemic spread across the world. Nations, enterprises life of the assets/ on financial position, etc.

Dividend (“Consortium”), and Government of Assam (GoA) at a
The Board of Directors has recommended Final Dividend total consideration of ` 98,75,96,41,065, to be paid in
of ` 58 per share i.e. @ 580% of the paid up share capital one or more tranches. As NRL was a material subsidiary
(including onetime Special Dividend of ` 35 per share) of BPCL in terms of Regulation 16(1) (c) of the Securities
for the Year 2020-21 on the paid up share capital of and Exchange Board of India (Listing Obligations and
` 2,169.25 crore, amounting to ` 12,581.67 crore. In Disclosure Requirements) Regulations, 2015, the
addition, the Board of Directors has declared and proposal was approved by the members by way of a
distributed two Interim dividends during the year 2020- special resolution at the Extraordinary General Meeting
21, totalling ` 21 per equity share (i.e. @ 210% of the paid held on 25th March, 2021. In line with the Shareholders
up share capital), amounting to ` 4,555.43 crore. approval, a Sale Purchase Agreement was signed on 25th
March, 2021 between BPCL and the Consortium for sale
As per Regulation 43A of the Securities and Exchange
of 43,05,83,886 equity shares of `10/- each held by BPCL
Board of India (Listing Obligations and Disclosure
in NRL at a consideration of ` 93,75,96,41,177/-. The
Requirements) Regulations, 2015, the top 1000 listed
consideration was received on 25th March, 2021 and the
entities shall formulate a Dividend Distribution Policy.
shares were transferred to OIL & EIL on 26th March, 2021.
Accordingly, Dividend Distribution Policy has been
The remaining 2,29,62,112 equity shares were
adopted to set out the parameters and circumstances that
transferred to GOA upon receipt of the consideration of
will be taken into account by the Board in determining the
` 4,99,99,99,888/ - on 26th March, 2021. The gain arising
distribution of Dividend to its shareholders and/or
from the sale of equity shares of NRL is ` 9,422.42 crore,
retaining the profit into the business. The policy is
which has been shown as an Exceptional Item in the
available on the Company’s website at https://www.
Statement of Profit and Loss.
bharatpetroleum.in/about-bpcl/our-policies.aspx.
Sale of shares held by BPCL Trust for Investment in
Transfer to Reserves
Shares
An amount of ` 188.48 crore has been transferred to the
BPCL Trust for Investment in Shares (BPCL Trust) was
Debenture Redemption Reserve out of the amount
holding 20,23,72,422 equity shares of the Company,
available in Retained Earnings. Further, it is proposed to
transfer ` 3,000 crore to the General Reserve out of the having face value of ` 10 each, constituting 9.33% of the
amount available in Retained Earnings in the year 2021-22. total paid up share capital of the Company, at the
beginning of the year 2020-21.
Disinvestment of entire stake held in Numaligarh
Refinery Limited The Board, at its meeting held on 09.10.2020, authorized
the existing Sub-Committee of the Board for activities
The Government of India (GoI) on 20th November, 2019, relating to BPCL Trust, to decide on the manner of sale of
had accorded its in-principle approval, for strategic upto 20,23,72,422 equity shares of BPCL which were
disinvestment of the Government’s shareholding in held by the BPCL Trust (out of which 4,33,79,025 equity
BPCL, excluding BPCL’s shareholding in NRL. Further, as
shares were sold / transferred to the BPCL ESPS Trust,
per the above approval, BPCL’s shareholding in NRL had
formed under the "BPCL Employee Stock Purchase
to be divested to a Central Public Sector Enterprise
Scheme 2020”), in the secondary market by following
(CPSE) operating in Oil and Gas sector along with
any of the SEBI approved methods.
transfer of management control.
The Sub-Committee of the Board of Directors of BPCL
In line with the above decision of GoI, BPCL’s holding in
approved the sale of BPCL equity shares held by the BPCL
NRL, consisting of 45,35,45,998 fully paid up equity
Trust through accelerated book-built offering of equity
shares of ` 10 each (constituting 61.65% of the total
shares on the screen-based trading platform of the stock
equity capital of NRL) were divested to a consortium of
exchanges.
Oil India Limited (OIL) and Engineers India Limited (EIL)

Accordingly, 15,89,93,397 BPCL equity shares were Bharat Oman Refineries Ltd (BORL) - Acquisition of
offered for sale on 09.03.2021, out of which Shares
12,60,33,090 equity shares (constituting 5.81% of the
Bharat Oman Refineries Ltd (BORL) was incorporated in
total share capital of the Company) were sold via bulk
1994 as a Joint Venture between BPCL and OQ S.A.O.C
deal on stock exchange, for net consideration of
(formerly known as Oman Oil Company S.A.O.C). The
` 5,511.79 crore and the balance 3,29,60,307 equity
authorized share capital of BORL is ` 7,000 crore and paid
shares were held by the BPCL Trust as on 31.03.2021.
up share capital is ` 2,426.83 crore. As on 1st April, 2020,
Accordingly, Security Premium of ` 5,101.31 crore has
BPCL held 63.38% of the paid up share capital of BORL
been recognized after adjusting the corresponding cost
of ` 410.48 crore (including face value of Equity Share of and OQ S.A.O.C held 36.62% of the paid up share capital
` 126.03 crore) under Total Equity. of BORL. The Government of Madhya Pradesh (GoMP) is
also a stakeholder in the Company holding 2,69,00,000
Merger of Bharat Gas Resources Ltd. (BGRL) convertible share warrants in BORL.
Bharat Gas Resources Ltd. (BGRL), a wholly owned During the year 2020-21, BPCL entered into a Share
subsidiary of BPCL for handling the Natural Gas Purchase Agreement with OQ S.A.O.C. to purchase its
business, was incorporated in June 2018. Thereafter, the 36.62% stake in BORL. On 30th June, 2021, BPCL has
Company had started the process of transferring the Gas effected the payment of ` 2,399.26 crore to OQ S.A.O.C
business to BGRL. for acquisition of 888,613,336 (36.62%) equity shares in
However, the process got delayed and post BORL and the said shares have been transferred to BPCL.
announcement of GoI’s decision to privatize BPCL on With this, BORL has become a wholly owned subsidiary
20th November, 2019, it was decided to transfer / merge of BPCL. The Secretarial Audit Report of BORL is
the business of BGRL with BPCL. enclosed as Annexure I. Further, the Government of
Madhya Pradesh, vide order dated 23rd July, 2021, has
Legal and other consultants were engaged to gauge the
notified that consent is being given to M/s BPCL to
situation and work out various options to transfer or
purchase 2.69 crore warrant held by Government of
merge the operations of BGRL with BPCL. Based on their
Madhya Pradesh in M/s Bharat Oman Refinery Ltd at the
recommendation, it was decided to merge BGRL with
rate of ` 27/- amounting to a total of ` 72.63 crore.
BPCL.
Voluntary Retirement Scheme
In line with the above, the Board at its meeting held on
17th December, 2020, approved the transfer of entire Voluntary Retirement Scheme (VRS) was launched with
business of BGRL to BPCL including the City Gas the objective of right sizing the organization, considering
Distribution Business, RLNG sourcing agreements, all the impending disinvestment and in order to reduce
other agreements, permissions and authorization under redundancy and improve the performance of the
BGRL etc., by way of merger of BGRL with BPCL as per organization. A total of 1,300 applications were accepted,
the Sections 230 and 232 and other applicable provisions of which 243 were Officers and 1,057 Workmen. This was
of the Companies Act, 2013. the highest amongst the previous VRSs. An amount of
The Scheme of Amalgamation of BGRL with the ` 778.83 crore has been charged to Employee Benefits
Company and their respective shareholders was Expense towards VRS compensation. Acceptance of VRS
approved in the Board Meeting held on 22nd March, 2021, was done after applying talent filters in order to minimize
which is subject to the receipt of necessary approvals erosion of required talent and maintain adequate
from the Ministry of Corporate Affairs, other competent manpower for smooth running of the Company.
authorities and satisfaction of applicable regulatory EMPLOYEE STOCK PURCHASE SCHEME (ESPS)
requirements, as may be required and the same has been
Recognizing the immense contribution and loyalty of
uploaded on the website of the Company on https://www.
employees, the Government on 3rd September, 2020
bharatpetroleum.in/about-bpcl/our-policies.aspx
approved the offer of shares to eligible employees

through Employee Stock Purchase Scheme (ESPS). year, on behalf of the employees. “BPCL ESPS Trust” has
Based on this, the Board of Directors at the meeting held received a loan of ` 1,515.65 crore from the Company for
on 4th September, 2020 approved the ESPS to the eligible acquisition of these shares. This loan is repayable to and
employees through the Trust mechanism. The scheme, recoverable by the Company from time to time, subject to
formulated and launched in line with SEBI (Share Based realization of proceeds by the Trust upon sale/transfer of
Employee Benefits) Regulations, 2014, was approved by shares.
the shareholders in the Annual General Meeting held on Borrowings
28th September 2020. Subsequently, the Compensation
Total Borrowings of the Company as on 31st March, 2021
and Remuneration Committee of the Company at its
stood at ` 26,314.97 crore, as against ` 41,875.40 crore
meeting held on 28th September, 2020, approved the as on 31st March, 2020.
proposal for offering upto 4,33,85,000 fully paid-up
equity shares of ` 10 each (representing 2% of the paid- Deposits from Public
up capital) in the Company to the eligible employees The Company has not accepted any deposit from the
under ESPS. public during the year. The amount of deposits, matured
but unclaimed, at the end of the year were Nil.
Accordingly, an ESPS Trust was formed as per the
provisions of the SEBI (Share Based Employee Benefits) Capital Expenditure
Regulations, 2014, for the implementation of the scheme. Capital Expenditure during the year, including
“BPCL ESPS Trust” purchased 4,33,79,025 equity investments in Subsidiaries, Joint Venture Companies
shares on 21st October, 2020 from the “BPCL Trust for (JVCs) and Associates amounted to ` 11,064.39 crore,
Investment in Shares” through the block deal mechanism as compared to ` 11,063.68 crore during the year
of the Stock Exchanges at a price of ` 343.35 per share. 2019-20. The Capital Expenditure for the year is including
Right-of-Use assets of ` 2,147.97 crore (previous year
Based on the terms and conditions of the Scheme, eligible
` 913.95 crore) pertaining to leases of properties/
employees were offered 4,33,79,025 fully paid-up equity
facilities entered into during the year as per Ind AS 116
shares of face value of ` 10 each and 3,65,42,077 shares “Leases”.
have been transferred to the employees till end of August
2021. Comptroller and Auditor General of India’s (C&AG)’s
Audit
During the year under review, there has been no change in
the BPCL Employee Stock Purchase Scheme 2020 of the C&AG’s comment upon or supplement to the Statutory
Auditors’ Report on the Accounts for the year ended
Company. The BPCL Employee Stock Purchase Scheme
31st March, 2021 is annexed as Annexure E.
2020 is in compliance with SEBI (Share Based Employee
Benefits) Regulations, 2014 and this has been certified by C&AG Audit on Other Matters: As at 31st March, 2021,
the statutory auditors of the Company. The certificate of there are nine pending published paras related to the
the statutory auditors can be accessed on the following C&AG audit. These relate to payment of stagnation relief
link https://www.bharatpetroleum.in/bharat-petroleum- to employees, payment towards encashment of
employee leave together with employer’s share of EPF
for/investors/shareholders-information/agm-
contribution, extension of credit facility to a defaulter
reports.aspx.
company, implementation of PAHAL (DBTL) Scheme for
In line with Regulation 14 of the SEBI (Share Based LPG, unwarranted collection of delivery charges from
Employee Benefits) Regulations, 2014, a statement RGGLV consumers on sale of cylinders on cash and carry
giving complete details, as at 31st March 2021, is basis, payment of shift allowance to executives,
available on the website of the Company https://www. payment to employees on the occasion of completion of
bharatpetroleum.in/bharat-petroleum-for/investors/ 40 years by the Company and 50 years by Kochi Refinery,
Employee Long Service Awards in contravention of DPE
shareholders-information/AGM-Reports.aspx.
Guidelines and implementation of Pradhan Mantri
The “BPCL ESPS Trust” did not exercise voting rights in Ujjwala Yojana (PMUY) scheme for LPG. The audit
respect of 4,33,79,025 shares acquired by it during the objections have been suitably replied to and the same are

under their review. MBN (MMBTU/BBL/NRGF) was conserved at 66.9.
Several digital applications and technologies were
REFINERIES
developed internally, thereby creating significant value
The year 2020-21 saw huge volatility for the refiners. addition to the entire process value chain.
Refinery margins stumbled across industry during the In spite of the pandemic and travel restrictions, Acrylic Acid
initial period of the year, mainly due to demand & Oxo Alcohol unit of PDPP (Propylene Derivative
destruction for majority of products and collapsed oil and Petrochemical Project) and NHT (Naphtha Hydrotreater)
product prices. In order to improve refinery profitability unit of MSBP (Motor Spirit Block Project) at Kochi Refinery
and efficiency in such circumstances, many new ideas (KR) were commissioned. Upon the commissioning of
and initiatives were implemented across the Refineries PDPP units, BPCL has become the first Indian refinery to
during the year. With curtailed crude oil processing, produce niche petrochemicals like acrylates, acrylic acid
strategies were developed for increasing production of and Oxo-alcohol, which are being imported in large
value added products and accordingly, the Refineries quantities at a huge cost to the national exchequer.
maximized production of LOBS (Lube Oil Base Stock),
Towards augmentation of storage infrastructure, MOT
Mineral Turpentine Oil (MTO), Hexane and VLSFO (Very
Tanks (17 & 18) located at Jawahar Island, Mumbai were
Low Sulphur Fuel Oil).
commissioned. This offered operational flexibility for
BPCL’s Mumbai and Kochi Refineries achieved a better product management and also as bunkering
combined throughput of 26.40 MMT as against 31.91 terminal for Marine tankers and barges.
MMT in the previous year, the decline being due to Further, BPCL, HPCL and MbPT (Mumbai Port Trust)
COVID-19 impact. Refineries achieved weighted average entered into agreement and successfully commissioned
Gross margin of USD 4.06 per barrel (` 5,861 crore), as the Fifth Oil Berth Project (Project JD5) and 42” new
compared to USD 2.50 per barrel (` 4,182 crore) realized crude oil line at Jawahar Dweep, Mumbai which enabled
in the year 2019-20. berthing of fully loaded Suez max cargo and dead
freighted Very Large Crude Carrier (VLCC). Having a
By optimizing plant operations and implementing energy
dedicated crude oil line helped in reducing the freight
conservation schemes, the specific energy consumption
costs and demurrage charges.
Performance of Refineries
Parameters Mumbai Refinery Kochi Refinery

2020-21 2019-20 2020-21 2019-20
Refinery Throughput (MMT) 13.05 15.14 13.35 16.77
Crude Oil Processed (MMT) 12.94 15.02 13.28 16.52
Capacity Utilization (%) * 107.8 125.1 85.67 106.6
GRM (USD/bbl) 3.76 2.88 4.36 2.17
GRM (in ` crore) 2,736 2,321 3,125 1,861
*Capacity utilization is the percentage of the actual Crude oil processed to the installed (Design) capacity.
MARKETING
previous year. The Company’s market share amongst
The year 2020-21 was exceptionally challenging and
public sector oil companies stood at 24.35%, on
equally resounding was BPCL’s action plan to beat the
31st March, 2021, as compared to 24.52% at the end of
ominous odds of the pandemic. The downturn in
previous year.
economy during the year 2020-21 resulted in overall
de-growth of petroleum products across the Oil Industry. A detailed discussion of the performance of the
The Company sold 38.74 MMT of petroleum products Marketing function is given in the Management
registering a negative growth of 10.12%, as compared to Discussion & Analysis Report (MDA).

Pipelines been commissioned and Acrylates unit will be
commissioned shortly.
BPCL owns a network of 2,241 km of multi-product
pipelines, with design capacity of 17.84 MMTPA. • Motor Spirit Block Project (MSBP) at Kochi Refinery
Additionally, BORL, a subsidiary of BPCL owns 937 km Motor Spirit Block Project at Kochi Refinery envisages
crude pipelines with design capacity of 7.8 MMTPA. maximization of BS-VI grade MS production by
During the year 2020-21, though the demand was tepid in upgrading Naphtha. The MSBP Project consists of
the first quarter, it picked up during the later part of the three major units namely Naphtha Hydro Treater (NHT)
year and BPCL Pipeline network was able to address the of 1.5 MMTPA capacity, Continuous Catalytic
entire market demand. Pipelines achieved a throughput Reforming Unit (CCR) of 0.8 MMTPA capacity and
of 14.86 MMTPA of petroleum products. During the year, Light Naphtha Isomerization (Penex) Unit of 0.7
all Standard Operating Processes (SOPs) were strictly MMTPA capacity and associated facilities. With MSBP,
followed, resulting in Nil fatality and Nil Lost Time availability of BS-VI MS quantity will increase by 790
Accident (LTA). TMT per annum.
Despite the pandemic related difficulties, BPCL actively Approved cost of the project is ` 3,234.96 crore and
continued the execution of its pipeline projects and the project has been completed in March 2021.
achieved remarkable progress in construction and • Installation of new Kerosene Hydrotreater (KHT) at
completion of the pipelines during the year. The Bina Mumbai Refinery
Panki Pipeline (355 km) project is progressing at a rapid
pace, while pre-project activities have been completed for The project envisages new Kerosene Hydrotreater
Krishnapatnam Hyderabad Pipeline (455 km). Further, (KHT) of 1.5 MMTPA capacity, integrated with existing
the Company completed rerouting of Mumbai Manmad Diesel Hydrotreater (DHT) to produce ATF and
Pipeline (50 km) during the year. Also, Fiber Optics based Kerosene meeting Sulphur specification of max 10
Pipeline Intrusion Detection Systems (PIDS) has been ppmw. Approved cost of the project is ` 667.15 crore.
successfully commissioned in Bina Kota Pipeline, which The project has achieved overall physical progress of
will help in preventing unauthorized tapping or damage to 35.30% as on 31.03.2021 and is scheduled for
pipelines by third party activities. As of now, a total 984 completion in December 2022.
km of Pipeline out of 2241 km is covered with Fiber Optics • Enhancing Production of Lube Oil Base Stock (LOBS)
based Pipeline Intrusion Detection Systems (PIDS). at Mumbai Refinery
MAJOR PROJECTS The project envisages revamp of Lube Oil Base Stock
Details of major completed / ongoing projects during the production capacity from 300 TMTPA to 450 TMTPA at
year are given below. Approved project cost indicated for Mumbai Refinery, which will reduce import of Lube Oil
each project is net of input tax credit. Base Stock. Approved cost of the project is ` 614
crore. The project has achieved overall physical
• Propylene Derivatives Petrochemical Project progress of 59.80% as on 31.03.2021 and is
(PDPP) at Kochi Refinery scheduled for completion in December 2021.
The project envisages production of niche • 2nd Generation Ethanol Bio-refinery at Bargarh
petrochemicals such as Acrylic Acid, Oxo Alcohols (Odisha)
and Acrylates which are predominantly imported. The
PDPP project marks BPCL’s entry into production of The project envisages setting up a Second Generation
niche petrochemicals utilizing Polymer Grade (2G) Ethanol Bio-refinery to produce 100 KL Ethanol
Propylene produced from the Petro FCCU set-up per day using 400 MT lignocellulosic Biomass per day
under the Integrated Refinery Expansion Project as feedstock (rice straw / maize stalk) using
(IREP) at KR. Approved cost of the project is ` 5,575 indigenous technology. The 2G Ethanol produced will
crore. Acrylic Acid and Oxo Alcohol units have be used for blending in MS. Approved cost of the

project is ` 1,379 crore. The project has achieved MMTPA from Krishnapatnam coastal terminal to
physical progress of 29.23% as on 31.03.2021 and is proposed terminal at Madharam (Hyderabad) for
scheduled for completion in August 2022. A 100 KL transporting MS, HSD & SKO. The project scope also
per day 1G Ethanol plant is also being proposed in the includes construction of additional tankages at
same complex. Krishnapatnam and Ongole and a new terminal at
• Polyols / Propylene Glycol / Mono Ethylene Glycol Madharam. Approved cost of the project is ` 1,925.68
Project at Kochi crore. The project is scheduled for completion in
March 2023.
The project envisages production of value added
petrochemicals with high growth rate and demand • Development of Coastal Terminal with Railway
such as Polyols, Propylene Glycol and Mono Ethylene Siding at Krishnapatnam
Glycol utilizing propylene and ethylene feed stock from The project envisages setting up of a coastal terminal
Kochi Refinery. Preliminary cost estimate for the and railway siding at Krishnapatnam port. Approved
project is ` 9,688.00 crore. Firmed up cost and time cost of the project is ` 580.20 crore. The project has
schedule will be finalized after completion of the Front
achieved overall physical progress of 36.00% as on
End Engineering Design (FEED).
31.03.2021 and is scheduled for completion in
• Mumbai Manmad Pipeline Re-routing Project December 2022.
The project envisages laying of a 50 km long, 18” dia • Resitement of Raichur POL depot to Gulbarga
pipeline for rerouting of the pipeline section in Mumbai
and Thane area, construction of 3 sectionalizing valve The project envisages resitement of old Raichur Depot
stations and associated facilities. Approved cost of the which had space constraint to Gulbarga to meet the
project is ` 423 crore and the project has been growing market demand from a new location in
completed in February 2021. Karnataka. The project scope includes setting up of a
POL terminal with storage capacity of 30 TKL and 8 bay
• Multiproduct pipeline from Bina Despatch Terminal tank lorry filling gantry. Approved cost of the project is
to POL Terminal at Panki, Kanpur
` 206.26 crore and the project has been completed in
The project envisages laying of approx. 355 km long December 2020.
18” dia multiproduct pipeline for a throughput capacity
• New POL Depot at Radhanagar (Bokaro), Jharkhand
of 3.5 MMTPA from Bina Dispatch Terminal to POL
Terminal at Panki, Kanpur for transporting MS, HSD & The old Ranchi and Dhanbad depots are proposed to
SKO and augmentation of tankage at Panki Terminal, be resited to Radhanagar (Bokaro) to meet the future
Kanpur. Approved cost of the project is ` 1,284.41 market demand from a new location in Jharkhand. The
crore. The project has achieved overall physical project envisages setting up of a POL terminal with
progress of 81.40% as on 31.03.2021 and is storage capacity of 22 TKL along with railway siding.
scheduled for completion in December 2021. Approved cost of the project is ` 247.17 crore. The
• Irugur - Devangonthi Multiproduct Pipeline Project project has achieved overall physical progress of
52.80% as on 31.03.2021 and is scheduled for
The project envisages laying of 315 km long 16” dia
completion in March 2022.
multiproduct cross-country pipeline from Irugur
(Tamil Nadu) to Devangonthi (Karnataka). Approved RESEARCH AND DEVELOPMENT (R&D)
cost of the project is ` 1,469.39 crore. The project is on R&D division of the Company plays an essential role in
hold since Dec 2014 for want of RoU clearance in Tamil developing novel technologies and providing innovative
Nadu Portion. technological solutions to customers and stakeholders.
• Multiproduct Pipeline from Krishnapatnam Coastal BPCL R&D Centers are engaged with the development of
Terminal to Madharam (Hyderabad) cutting edge technologies, energy efficient processes,
The project envisages laying of 455 km long, 16” dia novel products and cleaner fuels to enhance Company’s
multi-product pipeline for a throughput capacity of 4.4 profitability and minimize environmental carbon
footprints.

Corporate Research & Development Centre (CRDC) at Personalized Cars / Sport Utility Vehicles and Cold Rolling
Greater Noida, Uttar Pradesh and Product & Application Oil for Steel Industry are other outcomes of research
Development Centre (P&AD) at Sewree, Mumbai are activities carried out.
proactively involved in adding value to the businesses
Based on ongoing in-house R&D efforts, the benefits
through research activities. CRDC has been working in derived during the year 2020 - 21 have been summarized
the areas of Petrochemicals, Biofuels, Catalyst in Annexure A.
Development, Process Development, Modelling &
Simulation, Crude Oil Characterization and Compatibility, NON-CONVENTIONAL ENERGY
Corrosion Studies, Additive Development, Residue Up- BPCL is pursuing Renewable Energy development in the
gradation and Waste utilization. CRDC has state of the art organization in a structured manner. With a view to
laboratories, a process scale-up laboratory and various increase its ‘clean energy’ portfolio and mitigate the
lab-scale and pilot-scale equipments. ‘climate change’ threat, the capacity of renewable energy
CRDC has exhibited its strength by developing various in BPCL has reached cumulatively to 45.12 MW in the
year 2020-21 out of which 33.39 MW is solar energy. We
newer technologies and products such as - BPMARRK®, a
are currently engaged in solarizing our various POL
software product for real-time crude assay for
locations and LPG plants, pipeline SV stations, colonies,
Crude Distillation Units (CDU/VDU) monitoring and
refineries offices, retail outlets, etc.
optimization, a web based software product K Model for
crude compatibility, Gasoline Sulphur Reduction (GSR) In the year 2020-21, a total of 0.730 MW hybrid solar
Catalyst additive (BHARAT-GSR CAT), Ethanol Corrosion plants with energy storage in 17 COCOs (Company
Inhibitor (BHARAT ECOCHEM) for Ethanol Blended Motor Owned Company Operated) have been commissioned.
Spirit (EBMS), Indigenous Dewaxing Catalyst (BHART Hi- Further, solar plants at 57 Retail and LPG Plants with a
CAT), Water Detecting Paste (BHARAT WDP), Divided total capacity of about 4.5 MW are coming up in the next
Wall Column (BHARAT DWC) technology for Naphtha two years.
separation and HiGee De-aeration Technology. BPCL has taken all the required steps for becoming a
The Product & Application Development (P&AD) Centre Corporate Partner of International Solar Alliance (ISA).
is focusing on Automotive and Industrial lubricant The Company is very keen on incorporating latest
technologies in the field of solar energy and it envisages
formulation development, technical services, quality
that access to ISA's global network will help it in
assurance and conducts various training programs at
accessing emerging latest technologies globally.
MAK Centre of Excellence. This Centre is actively involved
in developing lubricants based on frontier technologies INDUSTRIAL RELATIONS
with key objective to develop cost effective new products The Industrial Relations climate remained harmonious
and alternate formulations. In this context, R&D has been throughout the Corporation. Long Term Settlements on
actively associated with automotive majors in the country wages & other matters have been successfully signed
for developing engine oils through in-house tests and with seven (7) out of eight (8) eligible Marketing unions,
international specifications. The Centre has also while negotiations with the remaining are in progress.
developed new products such as Synthetic Engine Oil for Despite the threats posed by the pandemic, the unions
latest generation Petrol / Diesel cars and heavy duty and the workmen demonstrated unyielding enthusiasm
commercial vehicles meeting stringent BS VI emission and commitment to achieve the organizational objectives.
norms equipped with new engine technology and fitted The Corporation continued the thrust towards
with various devices, Advanced Engine Oil for higher CC productivity enhancement and employee well-being with
Motorcycles and new generation fuel efficient 4-stroke a focus on regular communication with all employees on
Motorcycles / Scooters, new generation Marine Engine all important issues affecting them and the Corporation.
Oil meeting IMO global Sulphur fuel cap (<0.5%) and CORPORATE SOCIAL RESPONSIBILITY
eco-friendly White Oils for industrial application.
Development of hybrid dual clutch transmission (DCT) Pursuing its Corporate Social Responsibility (CSR)
and hybrid automatic transmission Fluid (ATF) for Vision -“Be a Model Corporate Entity with Social

Responsibility committed to Energizing Lives through The details of CSR activities under major heads are given
Sustainable Development”, BPCL is committed to the below:
communities around its business and far beyond, Skill Development
through its CSR initiatives. Through its CSR program, the
Company touches the lives of millions of citizens and BPCL has persisted with its commitment towards
seeks to make a positive difference in their lives. The enhancing the employability and entrepreneurship for
Company has actively participated in various national youth in the hydrocarbon sector as well as in other
priorities/ programs and is not limited to its five (5) core sectors through the Skill Development Institute (SDI) at
thrust areas viz. Health and Sanitation, Skill Development, Kochi, Kerala. Since inception, 756 students have been
Education, Water Conservation and Community trained and a batch of 123 students is undergoing
Development. training currently. In collaboration with other Oil &
Gas Companies, BPCL also supported five SDIs in
The Company relies on the strong partnerships it has Ahmedabad, Vishakhapatnam, Guwahati, Rae Bareli and
built with the Government, credible not-for-profit Bhubaneswar.
organisations and other implementing agencies who are
While the activities in skill training institutes were affected
an integral part of BPCL’s CSR activities.
due to the pandemic, the Company continued to support
The disruption in activities caused due to COVID-19 the Skill Development initiatives for youth in Aspirational
pandemic resulted in shift of focus towards addressing Districts of Madhya Pradesh. Online mode of training was
the hardships faced by the people due to the pandemic. adopted and 15 batches consisting of 375 candidates
Many interventions towards providing immediate relief to were trained in vocational skills and linked to employment
the affected communities were undertaken. Extending and self-employment opportunities.
financial assistance for relief measures, BPCL further Education
contributed ` 25 crore to the PM CARES Fund in the year
2020-21 over and above the `100 crore contribution BPCL, in line with its thrust area of Education, continued
done during the year 2019-20. its efforts to impart quality education through
enhancement of learning levels of the students as well as
Out of the CSR budget of ` 161.91 crore for the year through provision of infrastructure for creation of
2020-21, ` 144.90 crore were spent during the year. The conducive learning environment. The Company
shortfall of ` 17.01 crore from the stipulated prescribed undertook construction of school buildings in Betul,
spend is mainly on account of delay in completing the Madhya Pradesh and Malshiras (near Pune) in
projects as per timelines, due to restrictions imposed on Maharashtra.
account COVID-19 pandemic. The unspent amount of
Another initiative focusing on educating farmers was
` 17.01 crore has been mapped against such projects
undertaken for imparting Diploma courses on Organic
where expenditure could not be incurred and have been
Farming. The initiative also included construction of
transferred to the UCSRA (Unspent CSR Account) and
dormitory blocks, staff quarters and dining block for the
would consequently be spent in accordance with the
course.
applicable CSR Rules.
The project is completed and will ultimately help the
Annual Report on CSR including the composition of CSR
farmers in achieving self-sufficiency in farming and allied
Committee is enclosed as Annexure B. agri-farming activities for better livelihood management.
The details of the CSR policy, projects and programmes Water Conservation
are available on the website of the Company on
https://www.bharatpetroleum.com/social-responsibility/ Water is the basic necessity of every individual but
csr-reporting.aspx scarcity of water in many areas is a major issue which
needs to be addressed on priority. The problem has

become so severe that in many states the ground water interventions to about 8,000 patients in the district of
has almost dried up and people have to depend on other Balangir, Odisha.
sources.
Additionally, the Company has undertaken projects for
Recognizing the suffering of people living in water upgrading the infrastructure which includes training
scarce areas of rural and urban India, BPCL’s flagship centre and hostel for the special school for youth with
project ‘BOOND’’ based on Integrated model of water hearing impairment.
conservation technique was extended to Thane district of
Further, in its endeavour to promote health and hygiene,
Maharashtra. This livelihood linked model will reach out
the Company has provided life-saving medical equipment
to 282 households in three (3) villages and help in
which is used for the treatment of paediatric congenital
fulfilling the needs of the community towards own
heart ailments. The support provided in this area were
consumption as well as enhance the agricultural output
largely in 2D echo room, operation theatres, pre & post
over the years. Through project ‘BOOND’, the Company
operation wards and Intensive Care Units (ICUs). The
has already converted more than 230 villages from ‘water
project aims to reach out to about 12,000 patients year on
scarce’ to ‘water positive’ over the years.
year.
Health And Sanitation
Community Development
BPCL is fully committed to the cause of health and
“Transformation of Aspirational Districts Program”,
hygiene of the communities and undertook initiatives to
launched by NITI Aayog focusses mainly on improvement
create awareness regarding the importance of hygiene in
in the levels of Health & Nutrition, Education, Agriculture
the current situation. The Company also provided life-
& Water Resources, Financial Inclusion & Skill
saving medical equipment to the hospitals, Personal
Development and Basic Infrastructure in the identified
Protective Equipment (PPE) to frontline workers, hygiene
districts in the country. BPCL, in line with the program, is
kits to the community and provided primary healthcare
working with rural communities in order to improve the
services through Mobile Medical Units in order to
living standards of the communities in these lowest
address the needs of the people, for whom access to
ranked districts as well as Non-Aspirational Districts,
healthcare facilities was limited.
thus ensuring inclusive growth for all.
On announcement of National Mission for vaccination
To address the problem of anaemia and micro-nutrient
drive program, the Company provided cold chain
deficiency especially among young girls and pregnant
equipment for the transportation and storage of COVID-
women, the Company has undertaken an initiative in
19 vaccines in the two states of Haryana and Uttar
Gadchiroli district of Maharashtra where distribution of
Pradesh.
rice grains fortified with Iron, Folic acid and Vitamin-B is
Amongst many other healthcare initiatives, the Company being carried out through the Government Public
continued its unflinching support towards cancer care by Distribution System. The project also focuses on
assisting more than 450 underprivileged cancer patients livelihood support for poor farmers, restoration of
with holistic treatment in six cancer hospitals across the historic water structures while also supplementing clean
country. In spite of the intermittent lockdowns, project drinking water, library and sanitation facilities in schools.
towards construction of an affordable cancer care facility The rice fortification initiative has been appreciated at
and community awareness programme continues in various forums and the intervention is likely to be scaled
Darrang (Assam), an Aspirational District. up to other districts.
To highlight another health project, the Lifeline express BPCL is also taking up initiatives in other areas notified
‘Hospital on a train’, which comprises seven (7) coaches under the Schedule VII of Companies Act, 2013. In one
modified into a hospital, travels to interior parts of the such project, the Company collaborated with National
country to serve the communities for whom reaching Crafts Museum at Hastakala Academy (New Delhi) for
hospitals is an uphill task. The initiative has contributed in reorganisation, restoration and preservation of more than
reducing the avoidable disability, early identification of 33,000 objects and artefacts. Further, with a futuristic
diseases, screening and providing medical & surgical view, it is also planned to digitally archive all the available

collection of artefacts for easy access to the people and such as Lokmanya Tilak Municipal Medical College &
artisans. General Hospital (Sion Hospital) in Mumbai have been
successfully undertaken. Health insurance for about 200
The Company is persevering in its support of the Swachh
fisher folks in the surrounding communities with the aim
Iconic Places i.e. Madurai Meenakshi Temple in Tamil
of making basic healthcare services accessible to the
Nadu and Sri Adi Shankaracharya Janmabhoomi Tirth in
underprivileged, was provided. The significance of this
Kalady, Kerala. The initiatives include beautification of the
intervention was realised during the current pandemic
surrounding areas and access to sanitation facilities
situation. More than 1,900 cataract surgeries of rural and
along with safe drinking water, with an aim to promote
tribal people have been undertaken in the areas of Thane
tourism and provide enriching experience to the visitors.
and Palghar Districts of Maharashtra. Construction of
Swachh Bharat Initiatives Community Sanitation toilet blocks consisting of 36 units
With renewed efforts, BPCL participated in the “Swachh in slums of Mumbai has been successfully completed and
Bharat Mission” of Government of India and undertook handed over to MCGM for the use of the community. The
more than 79,000 activities during the Swachhata facility will cater to the sanitation needs of around 2,000
Pakhwada by reaching out to around 62 lakh people. The households living in the vicinity.
activities included creating awareness on hygiene and To provide quality education to 2,600 underprivileged
sanitation and distribution of PPE kits for frontline girls, MR has undertaken a program ‘Nanhi Kali’ at
workers. The activities were meticulously planned and Palghar, Maharashtra. Apart from above project, Science
undertaken maintaining all precautionary measures of Education Project was undertaken for setting up Mini
social distancing. The Company received an award from Science Centres in 20 Govt. Aided Schools in Mumbai
the Ministry of Petroleum and Natural Gas (MoP&NG) for which focuses on experiential learning models based on
its excellent performance in the Pakhwada. science concepts.
Sustaining the efforts towards eliminating manual MR has also undertaken various initiatives to provide
scavenging, the Company has provided 13 robotic infrastructure support to Government Industrial Training
manhole cleaning machines i.e. 5 each to Indore and Institutes at Karjat, Panvel for skilling the underprivileged.
Coimbatore Municipal Corporations, 2 machines to
Kochi Refinery (KR) reached out to people in the
Mumbai Corporation of Greater Mumbai (MCGM) and 1
neighbourhood and beyond, through a host of CSR
machine to Dhule Municipal Corporation (DMC). The
activities in the areas of Education, Health, Skill
machines have been widely used and the efforts have
Development and Community Development including
been appreciated as it restored the dignity of the
providing life-saving medical equipment for creating and
sanitation workers. The cleaning of sewer lines have
upgrading the existing infrastructure.
benefitted more than 1.5 lakh population. BPCL’s support
to Dhule Municipal Corporation (DMC) with the above KR provided PPE kits and hand sanitizers for health
machine won the coveted national award - “SKOCH” workers, police and public officials of the District through
for their excellent and remarkable work in urban Indian Medical Association, Kochi Chapter. ICU facilities
development under the theme - ‘Eradication of manual including ventilators were set in place for Government
scavenging using Robotic Scavenger machine’. Medical College, Ernakulam and Kannur and General
Other CSR initiatives undertaken by Mumbai Refinery Hospitals at Pathanamthitta. Various other healthcare
and Kochi Refinery projects taken up include enhancement of facilities for
IMA Voluntary Donor Blood Bank, surgical equipment for
Mumbai Refinery (MR) continuously strives for the Ernakulam General Hospital and renovation of casualty
upliftment of marginalized sections of society in and block at Muvattupuzha General Hospital.
around its operating locations. Projects related to
strengthening healthcare infrastructure like provision of During the lockdown, food kits were distributed to poor
advanced medical equipment in Government Hospitals families in nearby Panchayats, specially abled and tribal

people. Group Medi-claim insurance policy was extended victory of the Indian team. Shreyas Iyer, Sanju Samson
to 14,200 people living in the 10 neighbouring wards. and Manish Pandey were part of the Indian team that won
Assistance was extended to construct new ‘Anganwadis’ the T-20 series against Australia. Kuldeep Yadav was part
and classrooms in Kerala. of Indian cricket team that won the historic test series
against Australia.
KR supported the construction of a three-storey new
block for the Government Girl’s School at Tripunithura. RESERVATION AND OTHER WELFARE MEASURES
The facilities include 18 class rooms, 3 labs, 23 girl- FOR SCHEDULED CASTES/SCHEDULED TRIBES/
friendly toilets and 1 toilet for differently abled with ramp OTHER BACKWARD CLASSES AND PERSONS WITH
available up to the first floor. Further, support was DISABILITIES
continued for the Home Based Rehabilitation Project, for BPCL has been following, in letter and spirit, the
helping differently abled children who cannot make it to Presidential Directives and other guidelines issued from
special schools. time to time by MoP&NG, the Ministry of Social Justice
PROMOTION OF SPORTS and Empowerment and the Department of Public
Enterprises, relating to reservations / concessions for
Amidst the perils of the pandemic and lockdown Scheduled Castes/Scheduled Tribes / Other Backward
restrictions worldwide, limited tournaments were Classes. Adequate monitoring mechanism has been put
organized in the year 2020-21. Further, the Tokyo in place for sustained and effective compliance uniformly
Olympics that was scheduled to be organized in the year across the Company. Rosters are maintained as per the
2020 had to be postponed to 2021 owing to COVID Directives and are regularly inspected by Liaison Officer
related constraints. However, BPCL sportspersons of the Company as well as the Liaison Officer of MoP&NG
harnessed the limited opportunities available and to ensure proper compliance of the directives.
demonstrated exemplary vigour in the national as well as
SC/ST and economically backward students are
international sports arena.
encouraged by awarding scholarship to students
5 of our Hockey players namely Birendra Lakra, pursuing courses in Secondary School education upto
Harmanpreet Singh, Lalit Upadhyay, Varun Kumar and graduation level.
Vivek Sagar Prasad were integral part of the resolute BPCL also complies with provisions under “The Persons
Indian Hockey Team that secured the Bronze Medal in with Disabilities (Equal Opportunities, Protection of
Tokyo Olympics 2020. India bagged Olympic medal in Rights and Full participation), Act 1995, related to
Hockey after 41 years and this victory has rekindled providing employment opportunities for Persons with
sparks of hope to achieve greater glory in future. Disabilities (PWDs) and Economically Weaker Sections
Our ace archer Atanu Das has been performing (EWS).
exceptionally well and was awarded with the prestigious Details relating to representation of SC/ST/OBC
Arjuna Award. Atanu Das and Deepika Kumari candidates EWS and PWD are enclosed as Annexure C.
represented the Indian Archery Team in Tokyo Olympics
IMPLEMENTATION OF OFFICIAL LANGUAGE POLICY
2020. Though they could not secure Olympic medal, they
surmounted the challenges set forth by various top BPCL continues to diligently comply with the Annual
archers of the world. Program 2020-21 issued by Dept. of Official Language,
Government of India, and Ministry of Home Affairs
In the Fazza International Para Badminton Championship
towards the implementation of Official Language across
held at Dubai, Arjuna Awardee Manoj Sarkar bagged the
the organisation. Comprehensive and robust systems to
Gold Medal in Doubles event and Bronze Medal in Singles
review and evaluate the progressive usage of Hindi on
event. Manasi Joshi won Silver Medal in Singles event
quarterly, half-yearly and yearly basis were instituted
and Bronze Medal in Doubles event.
through essential committees viz. OLIC (Official
In cricket, Surya kumar Yadav made his debut in the T-20 Language Implementation Committee), TOLIC (Town
series against England and was instrumental in the Official Language Implementation Committee) etc. at

different levels such as Regions/Offices/Locations/ Citizen’s Charter
Refineries and updation of the committee members was
At BPCL, internal processes are aligned to high service
done from time to time.
levels offered to each and every customer. The concept of
Hindi Fortnight/Week was successfully observed in all Citizens' Charter enshrines the trust between the service
BPCL offices/locations during September 2020. The provider and its users by ensuring responsiveness of the
employees wholeheartedly participated in a plethora of Company in a transparent and accountable manner.
competitions, cultural programs and educational
The Citizen’s Charter published by BPCL on the
seminars which were conducted online.
Company’s website provides details of a range of services
Various accolades have been received by the Company offered to customers, with an overview of the marketing
for implementation of official language. The corporate activities of the Company, policy guidelines and
office received a special prize from the Ministry of processes on marketing of petroleum products. It covers
Petroleum and Natural Gas, Dept. of Official Language for the mandate of the Company, customer rights with
Best Hindi implementation in the year 2020-21. Mangliya respect to standard, quality, time-frame for service
Depot, Kolkata Regional Office and Thiruvananthapuram delivery, the grievance redressal mechanism, etc. These
LPG Territory received awards from TOLIC for Official service levels are revisited from time to time and updated
Language Implementation. in line with the changing business need.
Various incentive schemes have been in practice in the Public Grievance Redressal (PG)
Company to promote the usage of Hindi in day to day
Public Grievance in BPCL is monitored through
work in offices and locations. These included awards
Centralized Public Grievance Redress and Monitoring
instituted amongst locations, regions and employees
System (CPGRAMS) which is an online web-enabled
online and offline, Hindi training programmes and
system, https://www.pgportal.gov.in/, developed by
workshops on various topics for enhancing levels of
National Informatics Centre (NIC) and Department of
compliance and meetings of Hindi coordinators to
Administrative Reforms and Public Grievances (DARPG).
encourage progressive usage of Hindi in the Company.
Meetings of OLIC (Official Language Implementation Grievances received through CPGRAMS system are
Committee) were organized quarterly and Annual centrally scrutinized at the Corporate Level and sent for
Coordinators Meet was conducted for the progressive redressal to various Business Units/Entities through a
usage of Hindi across the Company. well-established online network, with an escalation
matrix to ensure timely and qualitative closure.
CITIZEN’S CHARTER, PUBLIC GRIEVANCE REDRESSAL
(PG) & CUSTOM CARE SYSTEM & RIGHT TO Despite nation-wide lockdown when adherence to the
INFORMATION (RTI) compliance of statutory norms posed unprecedented
hurdles, BPCL, with its dedicated team, redressed and
BPCL strongly believes that customers are the primary
closed 4,415 grievances out of 4,630 (i.e. 95.35%)
reason for its existence and therefore as a part of its
received in the year 2020-21 with an average disposal
corporate culture, places them at the center of its
time of only 12 days as against the norm of 30 days fixed
business philosophy, operations and ideas. In the present
for disposal.
scenario of competitive and rapidly changing market,
excellence in customer service is the most important tool Customer Care System (CCS)
for sustained business growth, building strong brand and BPCL’s Customer Care System (CCS) is a centralized
nurturing relationship with customers for which the portal branded as “SmartLine” which enables the
Company is fully committed. customers to register their complaints, suggestions and
BPCL has constantly endeavored to set new benchmarks feedbacks and has an inbuilt tracking and escalation
in customer service standards, thereby meeting customer mechanism. Formed in 2013, SmartLine has had
expectations by consistently offering convenience, 62,57,941 interactions with the customers till now.
services and redressing their grievances, if any, through a Overcoming the challenges posed by the COVID-19
well-defined mechanism. pandemic, Smart line adapted to work-from-home

operations and ensured timely resolution of all customer hearings were held virtually, without the physical
complaints to their satisfaction. Smartline was one of the presence of CPIOs & detailed rejoinders too were
few call centers and the only one in Public Sector Oil submitted to CIC for all hearings well within time to
Marketing Companies to operate during COVID-19. enable CIC take decisions.
SmartLine has also contributed to the Company’s PUBLIC PROCUREMENT: MICRO & SMALL
ambitious digitalization initiative - Project Anubhav, as ENTERPRISES
the first point of contact for customers, approaching from The Company’s Central Procurement Organization
the new digital channels of Urja and HelloBPCL Mobile (Marketing) procured goods worth ` 8,343 crore (100 %
app. About 12,000 customer interactions have so far e-tendering) during the year 2020-21, as against the
been made for the digital initiatives. BPCL strives to stay annual target of ` 5,429 crore. This included BPCL’s
true to motto of ‘Ek Call…..Sab Solve’ thereby providing
requirement of Ethanol, purchases for LPG SBU under
one stop solution to the customers for all their
Schedule of Rates (SORs), purchases for marketing set
grievances.
up of Pipelines and E&P Entities, etc. Additionally,
Right to Information (RTI) tenders for disposal of scrap worth ` 99.16 crore were
BPCL has been successfully dealing with the RTI Act from also finalized for marketing locations. BPCL also
the time of its inception in 2005 and implemented all the anchored and finalized Industry tenders for Ethanol and
norms stipulated in the RTI Act, 2005. As required under Bio-diesel for the 9th consecutive year. The tender value
the Act, all the relevant details & information along for Ethanol was ` 29,400 crore and for Bio-diesel was
with suo moto disclosure under section 4(1) (b) have ` 98 crore.
been hosted on the Company’s Corporate Website As an initiative towards Digital India, digitally signed
www.bharatpetroleum.in for better understanding of the invoices were encouraged from vendors. Also, issuance
public at large. of digitally signed Purchase Orders was carried out. The
Along with physical RTI applications, the Company also Company procured goods worth ` 113.9 crore through
receives online RTI applications and addresses the same Government e-Marketplace (GeM) during the year 2020-
through the RTI online portal at www.rtionline.gov.in, 21, up from `16 crore procured in the previous year.
which is a unified RTI portal of the Government of India.
All high value tenders were through the online open
RTI Queries were closed on the RTI online portal within tender route. It was ensured that the General Conditions
the stipulated time limit of 30 days. This ensured that no of Contract (GCC) and General Purchase Conditions
penalty could be levied for any postal delays. The (GPC) of all tenders have purchase preference clause for
Company’s team of 49 Central Public Information Officers Micro and Small Enterprises (MSEs).
(CPIOs) and 12 First Appellate Authorities (FAA) spread
During the year 2020-21, the procurement value of the
across the country, covering major SBUs like Retail, LPG,
Aviation, Mumbai Refinery, Kochi Refinery and Entities Company for Goods and Services, excluding Works
like HR and International Trade, ensured smooth handling Contracts, where MSEs could have participated was
of RTI queries, despite the pandemic and associated ` 7,454.7 crore and the actual procurement value from
issues of lockdown, postal delays, etc. MSEs was ` 2,062.82 crore, i.e., an achievement of
27.67%, which exceeds the target of 25% given by the
Since 2005, the Company has successfully handled Ministry of Micro, Small and Medium Enterprises. The
44,779 RTI applications, 6,328 First Appeals and 1,063 Company conducted five online Vendor Development
Second Appeals with Central Information Commission programs for MSE Vendors, wherein over 400 vendors
(CIC), thereby maintaining its commitment to
participated. An online “Premier Vendor Workshop” was
Transparency and Accountability in business operations.
held during December 2020, wherein Director, MSME-DI,
During the year 2020-21, the Company received 3,393 Mumbai made a detailed presentation on the benefits of
RTI Queries, 415 First Appeals & 84 Second Appeals (CIC the Public Procurement Policy for MSEs to the vendors.
Hearings) and all have been processed. All 84 CIC

BPCL offered Trades Receivable Discounting Scheme and through Businesses / Entities. The references
(TReDS) to its MSE Vendors. This facility was availed by received from CVC and MoP&NG, were also investigated
MSE Vendors and over 1,813 invoices valued at ` 105 and required recommendations were made within the
crore were discounted during the year 2020-21. prescribed timeline.
VIGILANCE Summary of investigative complaints handled by
Vigilance during the year 2020-21 are given below:-
The prime focus of Corporate Vigilance in BPCL is to
enhance the ethical standards of the organization by Opening Received Total Disposed Closing
encouraging sound business practices and good Balance during the during the Balance
(as on Year Year (as on
corporate governance through an effective balance of
01.04.2020) 31.03.2021)
preventive and detective vigilance measures.
59 18 77 46 31
As a part of preventive vigilance, despite the ongoing The above complaints broadly cover issues like selection
pandemic situation, periodic and surprise inspections of of Retail Outlet dealers, LPG Distributors and
locations, depots, installations, retail outlets and LPG
irregularities in Retail Outlets/LPG Distributorships and
distributorships were carried out. Inspections of major
lapses in the tendering process, etc.
projects/works were undertaken in line with the
inspections carried out by the Chief Technical Examiner. The eleventh edition of the Vigilance magazine, ‘Vigilance
Plus’ was released which had articles on Reforms in
Surprise inspections were conducted at 74 locations,
104 retail outlets and 50 LPG distributorships from time BPCL Vendor Registration Procedure, E-procurement,
to time during the year. Based on observations and Public Procurement, Myths about Business Ethics, Award
findings, specific recommendations for corrective action winning articles by school children and highlights of the
and system improvements were communicated to the activities conducted during the year.
concerned departments. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE
Vigilance Awareness sessions were conducted for the COMPANIES
employees working at operating locations and BPCL had 5 subsidiaries and 22 Joint Venture Companies
commercial offices by Team Vigilance, using both online and Associate Companies at the beginning of the year
methodology (considering the prevailing pandemic 2020-21.
situation) and offline during their visits to locations.
Details of Company that has become Nil
These sessions were aimed at enhancing the knowledge
and awareness on the operational aspects of various a Subsidiary during the year 2020-21
circulars and guidelines issued by the Central Vigilance Details of Company that has become Nil
Commission (CVC) and the MoP&NG. During the year a Joint Venture/ Associate during the
2020-21, 89 no. of training sessions were held covering year 2020-21
2,099 persons. Details of Company that has ceased i) Numaligarh
Vigilance Awareness Week with the theme ‘Vigilant India, to be a Subsidiary during the Refinery
Prosperous India’ was observed across the country from year 2020-21 Limited
27th October to 2nd November, 2020. During the week, Details of Company that has ceased Nil
a variety of programmes were carried out across the to be a Joint Venture/Associate
country (including contests conducted online) to spread during the year 2020-21
the theme and bring awareness amongst employees,
stake holders and general public. In line with CVC’s On 26th March, 2021, 45,35,45,998 shares (61.65%) held
directions, considering the ongoing pandemic situation, by BPCL in its subsidiary Numaligarh Refinery Limited
internal activities were taken on a campaign mode as a (NRL) were divested to a consortium of Oil India
part of Vigilance Awareness Week. Limited and Engineers India Limited (Consortium) and
Government of Assam. For the period 1st April, 2020 to
Corporate Vigilance also carried out thorough 25th March, 2021 when NRL was a subsidiary of the
investigations into the Complaints and Source Company, its Revenue from Operations was ` 18,174.64
Information. Complaints, including those received crore and the Company’s consolidated profit stood at
online, were investigated both directly by Team Vigilance ` 3,048.14 crore.

Consequent to divestment of NRL, BPCL has 4 acreage held by BPRL and its subsidiaries is around
subsidiaries and 22 Joint Venture Companies and 23749 km2 of which approximately 45% is offshore.
Associate Companies at the end of the year. BPRL and its consortia have 26 exploration discoveries in
respect of Blocks held in five countries i.e. Brazil,
A separate statement containing the salient features of the
Mozambique, Indonesia, Australia and India.
financial statements of Subsidiaries/ Associates/ Joint
Venture Companies in Form AOC-1 pursuant to During the year 2020-21, the Offshore Area 1, Rovuma
provisions of Section 129 (3) of the Act, is attached along Basin Mozambique consortium progressed with the
with the financial statement. construction activities as per the Final Investment
Decision which was taken in the year 2019-20. The
The Company has placed its financial statements
consortium also finalized Senior Debt Financing of
including Consolidated Financial Statements and all other
approx. US$ 14.9 Billion for the Project Finance for the
documents required to be attached thereto, on its website
2 Train Golfinho-Atum LNG Project during the year. While
www.bharatpetroleum.in as per Section 136(1) of the
the activities for progressing with the Development Plan
Act. Further, the Company has also placed separate
were ongoing as per schedule, however, security
Annual Reports/ audited accounts in respect of each of its
incidents during end-March 2021 in the Cabo Delgado
Subsidiaries in its above website. A copy of the said
Province in Northern Mozambique has led the Operator
documents will be available for inspection and provided
to withdraw all project personnel from the site and
to any shareholder of the Company who asks for it.
subsequently Force Majeure has been declared for the
The policy for determining material Subsidiaries is project.
posted on the Company’s website at the link:
During the year 2020-21, approx. 2.8 Million Barrels
http://www.bharatpetroleum.co.in/General/PolicyonMat
crude oil from the Lower Zakum concession was also
erialSubsidiaries.aspx?id=4
lifted by BPCL Group refineries, out of BPRL’s share of
BPCL SUBSIDIARY COMPANIES equity crude oil from the Lower Zakum asset, wherein the
BHARAT PETRORESOURCES LIMITED (BPRL) consortium of BPRL, ONGC Videsh Ltd. and IOCL has
10% PI.
BPRL was incorporated in October 2006, as a 100%
subsidiary of Bharat Petroleum Company Limited, to The Appraisal well campaign in the overseas
cater to the upstream activities of BPCL. As on 31st March, operatorship block (BPRL being the Joint Operator with
2021, BPCL’s investment is ` 6,150 crore in equity. In IOCL) Onshore Block 1 concession in Abu Dhabi, UAE
addition to this, the Company has given a loan of also commenced during the year 2020-21 and the
` 2,090 crore to BPRL. BPRL has recorded a consolidated testing of the appraisal wells has indicated presence of
income of ` 187.18 crore and a consolidated loss hydrocarbons.
of ` 1,883.31 crore for the financial year ending Petrobras, the Operator of BM-SEAL-11 Concession,
31st March 2021. successfully completed Extended Well Testing (EWT) in
BPRL has participating interest (PI) in twenty blocks of Farfan Oil field, Offshore Sergipe, Brazil.
which ten are located in India and ten overseas, along with In respect of Indian blocks, the Block CY-ONN-2002/2
equity stake in two Russian entities holding the license to located in Cauvery Basin, Tamil Nadu currently has six
four producing blocks in Russia. Six of the ten blocks in producing wells. As a temporary arrangement until
India were acquired under different rounds of New completion of Central Processing Facility (CPF), the
Exploration Licensing Policy (NELP), one block was crude oil is being handled at the Early Production
awarded under Discovered Small Fields Bid Round 2016 Terminal (EPT) commissioned at Madanam. During the
and three blocks were awarded under the Open Acreage year 2020-21, approx. 596 Thousand Barrels of oil and
Licensing Policy (OALP) Bid Round I. Out of ten overseas associated gas of 34 Million Cubic Metres has been
blocks, five are in Brazil, two in United Arab Emirates and produced from the Block. Further, a Gas Dehydration Unit
one each in Mozambique, Indonesia and Australia. The (GDU) has been installed in the EPT as a temporary
blocks of BPRL are in various stages of exploration, arrangement to process the associated gas for sale to
appraisal, pre-development and production. The total

Gas Authority of India Limited (GAIL). Gas sales from the BGRL has been authorised for the setting up of CGD
Block to GAIL has commenced in May 2021. Infrastructure in thirteen (13) Geographical Areas (GAs)
under round 9 and 10 of CGD bidding rounds. During the
The PI in respect of Blocks in India and Australia are held
directly by BPRL. PI in respect of blocks in Brazil, year 2020-21, the project implementation activity
Mozambique, Indonesia and UAE and equity stake in two continued at good pace in the authorised Gas with BGRL
Russian entities are held through various step down incurring the capital expenditure of ` 363 crore during the
wholly owned subsidiaries/JVs of the wholly owned year. The company has a capital commitment of ` 1,090
subsidiaries located in the Netherlands and Singapore. A crore as on 31st March 2021.
detailed discussion on the Blocks is given in the During the year, pilot project of L-CNG Station was
Management Discussion & Analysis Report (MD&A). commissioned in Shendre, District Aurangabad,
BHARAT OMAN REFINERIES LIMITED (BORL) (Maharashtra). The L-CNG is also known as Virtual
pipeline whereby Natural gas would be transported as
BORL was incorporated in 1994 as a Joint Venture
LNG through tankers instead of conventional gas
between BPCL and OQ SAOC (formerly known as Oman
Oil Company SAOC). During the year under review, BPCL pipelines. The station is based on the concept of Hub &
entered into Share Purchase Agreement with OQ SAOC Spoke model covering supply of CNG for Automobile
for purchase of 88,86,13,336 Equity Shares Segment & PNG for Domestic, Commercial & Industrial
(constituting 36.62% of the paid up capital) held by OQ Segment Customers. This would help to seed the market
SAOC in BORL at a consideration of ` 2,399.26 crore. and to generate early revenue for the project. Further,
Subsequently, on 30th June, 2021 BPCL purchased the thirty six (36) CNG stations were commissioned during
equity shares held by OQ SAOC in BORL and thus BPCL the year in GAs of BGRL, with commercial sales starting in
now holds 100% of the paid up equity share capital in the GA of Aurangabad & Ahmednagar.
BORL. Besides, BPCL has also given a loan of ` 1,254.10
Consequent to the decision of the Government of India to
crore and subscribed to Warrants convertible into
disinvest its entire shareholding in BPCL, the Board of
Shares of ` 935.68 crore. Further, the State of Madhya
Directors of BPCL and BGRL approved the scheme of
Pradesh has also subscribed to ` 26.90 crore of
amalgamation of BGRL with BPCL with the view of
Warrants (2.69 crore warrants) convertible into Shares
in BORL. The Government of Madhya Pradesh vide order streamlining of the corporate structure and consolidation
dated 23rd July, 2021 has notified that consent is being of assets and liabilities. An application in connection with
given to BPCL to purchase 2.69 crore warrant (their merger of BGRL with BPCL through a scheme of
entire holding in BORL) at the rate of ` 27/- per warrant, amalgamation under the relevant provisions of
amounting to a total of ` 72.63 crore. Companies Act 2013 has been submitted to Ministry of
Corporate Affairs.
BPCL has also subscribed to Zero Percent Compulsorily
Convertible Debentures of ` 1,000 crore in 2017. Crude BPCL-KIAL FUEL FARM PRIVATE LIMITED (BKFFPL)
oil intake during the year 2020-21 was 6,190 TMT with BKFFPL was incorporated in May 2015 with an equity
average capacity utilization of 79.40%. The company has participation of 74% by BPCL & 26% by Kannur
reported Revenue from Operations of ` 35,419.77 crore
International Airport Limited. The company was formed
in the year 2020-21, as compared to ` 41,940.96 crore
to design, construct, commission and operate the Fuel
recorded in the previous year. The net loss for the year
Farm at Kannur International Airport for the supply of ATF
2020-21 stood at ` 76.35 crore, as compared to net loss
on an exclusive basis. The Fuel Farm started operating
of ` 803.50 crore in the previous year. The Basic EPS
from December 2018 along with the commissioning of
for the year stood at ` (0.22), as against (` 2.35) in the
year 2019-20. Kannur International Airport. As on 31st March, 2021, the
authorized capital of the company is ` 50 crore and paid
BHARAT GAS RESOURCES LIMITED (BGRL) up capital is ` 9 crore. During the year 2020-21, the fuel
Bharat Gas Resources Limited (BGRL), a wholly owned throughput was 16,776.47 KL. The company earned a
subsidiary of BPCL, was incorporated in June 2018 for revenue of ` 3.26 crore in the year 2020-21 and loss
handling Natural Gas business. during the period was ` 6.06 crore.

In respect of BORL and BKFFPL, these companies were The paid up share capital of IGL is ` 140 crore. BPCL had
being managed under joint control mechanism invested ` 31.50 crore for 22.5 % stake in its equity. The
during the year. Their financials have been consolidated company added 65 new Compressed Natural Gas (CNG)
as Joint Ventures as per the requirements of Indian stations and 3.1 lakh new Piped Natural Gas (PNG)
Accounting Standards (IND AS), in the consolidated domestic connections during the year. As on 31st March
financial statements of the group for the period ending 2021, IGL had 612 CNG stations and 16.85 lakh PNG
31st March 2021. domestic connections.
BPCL JOINT VENTURE COMPANIES AND ASSOCIATES IGL has registered Revenue from Operations of
PETRONET LNG LIMITED (PLL) ` 5,438.68 crore and Profit After Tax of ` 1,172.55 crore
for the year ending 31st March 2021, as compared to
PLL was formed in April 1998 for importing LNG and Revenue from Operations of ` 7,165.49 crore and Profit
setting up a LNG terminal with facilities like jetty, storage, After Tax of ` 1,248.99 crore in the previous year. The
regasification etc. to supply natural gas to various EPS for the year stood at ` 16.75, as against ` 17.84 in
industries in the country. The company has an authorized the year 2019-20. IGL Board has recommended a
capital of ` 3,000 crore and paid up capital of ` 1,500 dividend of ` 3.60 per share (face value of ` 2 each)
crore. PLL was promoted by four public sector for the year ending 31st March 2021, as against a dividend
companies viz. BPCL, Indian Oil Company Limited of ` 2.80 per share (face value of ` 2 each) in the
(IOCL), Oil and Natural Gas Company Limited (ONGC) and previous year.
GAIL (India) Limited (GAIL). Each of the promoters hold
12.5% of the equity capital of PLL. BPCL’s equity SABARMATI GAS LIMITED (SGL)
investment in PLL currently stands at ` 98.75 crore. PLL SGL, a Joint Venture company promoted by BPCL and
recorded Revenue from operations of ` 26,022.90 crore Gujarat State Petroleum Company (GSPC), was
during the year 2020-21, as against ` 35,452.00 crore incorporated in June 2006 with an authorized capital of
recorded in the year 2019-20. The net profit for the year ` 100 crore for implementing the City Gas Distribution
stood at ` 2,939.23 crore, as compared to ` 2,703.35 project for supply of CNG to the household, automobile,
during the year 2019-20. The EPS for the year 2020-21 is industrial and commercial sectors in the Gandhinagar,
` 19.59, as compared to is ` 18.02 of the year 2019-20. Mehsana, Aravali, Sabarkantha and Patan districts of
During the year 2020-21, PLL has recommended a final Gujarat. The paid-up share capital of the company is
dividend of ` 3.50 per share, in addition to interim ` 20 crore. As at 31st March, 2021, BPCL has a stake of
dividend of ` 8.00 share during the year. In the previous 49.94% in the equity capital of SGL. SGL has set up 135
year, PLL had declared a special dividend of ` 5.50 per CNG stations and is supplying PNG (Domestic) to 2.22
share and final dividend of ` 7.00 per share. lakh customers. During the year 2020-21, company has
commissioned 30 CNG stations. SGL has achieved
INDRAPRASTHA GAS LIMITED (IGL)
turnover of ` 1,114.75 crore and a net profit of ` 225.01
IGL is a joint venture company promoted by BPCL and crore for the year ending 31st March 2021, as against
GAIL and set up in December 1998. IGL is a city gas ` 1,179.11 crore and ` 129.21 crore respectively for the
distribution company supplying natural gas to transport, previous year. The EPS for the year stood at ` 112.50, as
domestic, commercial and industrial consumers. The against ` 64.60 in the year 2019-20. The company has
operations of IGL are spread over NCT of Delhi, Noida & recommended a dividend of ` 20 per share for the year
Greater Noida, Ghaziabad & Hapur, Gurugram, Meerut ending 31st March 2021, as against ` 4.50 per share in the
(except area already authorized), Shamli, Muzaffarnagar,
previous year.
Karnal, Rewari, Kanpur (except areas already authorized),
Hamirpur-Fatehpur districts, Kaithal district, and Ajmer. CENTRAL UP GAS LIMITED (CUGL)
IGL also holds 50% of equity in M/s Central UP Gas CUGL is a Joint Venture Company set up in February
Limited, Kanpur & M/s. Maharashtra Natural Gas Limited, 2005 with GAIL as the other partner for implementing
Pune, which are the Joint Venture Companies promoted projects for supply of CNG to the automobile sector and
by BPCL and GAIL.

PNG to the household, industrial and commercial sectors Project in the GA of Haridwar and formed a Joint Venture
in Kanpur (including parts of Unnao district), Bareilly and Company, Haridwar Natural Gas Pvt Ltd. on a 50:50 basis.
Jhansi in Uttar Pradesh. The company was incorporated HNGPL was incorporated in April 2016 with an authorized
with an authorized share capital of ` 60 crore. The joint share capital of ` 45 crore. As on 31st March 2021, the
venture partners have each invested ` 15 crore for an promoters have infused ` 22.20 crore each towards
equity stake of 25% each in the company, balance 50% equity contribution. The promoters, BPCL and GAIL Gas
being held by IGL. CUGL has set up 57 CNG stations. Limited, have also given an inter-corporate loan of `15.00
CUGL has achieved Revenue from Operations of crore each to HNGPL during the year, considering
` 294.79 crore and net profit of ` 78.62 crore for the year enhanced project activities in view of Maha Kumbh in
ending 31st March 2021, as against ` 345.33 crore and Haridwar. During the year, the company has achieved
` 73.64 crore respectively for the previous year. The EPS Minimum Work Program (MWP) as given by PNGRB in
for the year stood at ` 13.10, as against ` 12.27 in the their authorization, besides achieving maiden profit of
year 2019-20. CUGL has declared a Dividend of ` 1.80 approximately ` 0.67 crore during the year and
per share which is same as of previous year. cumulative capex of approximately ` 163.00 crore upto
31st March, 2021.
MAHARASHTRA NATURAL GAS LIMITED (MNGL)
GOA NATURAL GAS PRIVATE LIMITED (GNGPL)
MNGL was set up in January 2006 as a Joint Venture
Company with GAIL for implementing the project for GNGPL was incorporated in January 2017 as a Joint
supply of natural gas to the household, industrial/ Venture Company with GAIL Gas Limited on a 50:50 basis
commercial and automobile sectors in Pune and its for implementation of a City Gas Distribution Project in
nearby areas. MNGL, while strengthening its roots in the the GA of North Goa. The authorized share capital of the
existing authorized GA covering Pune and adjoining company is ` 60 crore and as on 31st March, 2021, the
areas, is also on its way to expand the CGD network in promoters have infused ` 26.38 crore each towards
Nasik GA, Sindhudurg GA in Maharashtra and equity contribution. The project cost for the first five years
Ramanagara GA in the state of Karnataka, which were is revised to approx. ` 145.27 crore, which is being
awarded by the Petroleum and Natural Gas Regulatory funded through a debt equity of 70:30.
Board (PNGRB) under the 9th CGD bidding round. The
BHARAT STARS SERVICES PRIVATE LIMITED (BSSPL)
company was incorporated with an authorised share
capital of ` 100 crore. The paid up capital of the company BSSPL, a Joint Venture company promoted by BPCL and
is ` 100 crore. BPCL and GAIL have invested ` 22.50 ST Airport Pte Ltd, Singapore was incorporated in
crore each in MNGL’s equity capital. MIDC, as a nominee September 2007. BSSPL is a service provider company
of Maharashtra Govt., had taken 5% equity in June 2015; and is associated with Aviation Industry. The authorized
the balance 50% is held by IGL. MNGL has set up 132 and paid up share capital of BSSPL is ` 20 crore. The two
CNG stations and is supplying PNG (Domestic) to 3.86 promoters have each subscribed to 50% of the equity
lakh customers. MNGL has achieved Revenue from share capital of BSSPL and BPCL’s present investment
Operations of ` 799.90 crore and profit of ` 172.98 crore stands at ` 10 crore. BSSPL also has a wholly owned
for the year ending 31st March, 2021, as against Revenue subsidiary named Bharat Stars Services (Delhi) Private
of ` 1,073.69 crore and profit of ` 223.33 crore Limited. The Company commenced its operations in
respectively in the previous year. The EPS for the year Bangalore in 2008 and later spread to various parts of the
2020-21 stood at ` 17.30, as against ` 22.33 in the year country. At present, it is providing into-plane services
2019-20. The MNGL Board has recommended a dividend (fueling services) at Bangalore, Mumbai and Delhi
of ` 6 per share, which is same as previous year. Airports and Business Support Services (man-power
services for fueling operation) at various other Airports.
HARIDWAR NATURAL GAS PRIVATE LIMITED (HNGPL)
Presently, the company is operating at 35 locations in
BPCL has signed a Joint Venture Agreement with GAIL India. During the year 2020-21, the sales and revenue
Gas Limited for implementation of a City Gas Distribution dropped drastically owing to COVID-19 outbreak across

the world and subsequent lockdowns. Also, there is February 2015. The business of the company is to
decline in business operations due to restrictions on operate & maintain the existing aviation fuel farm
International flight operations. BSSPL has achieved a facilities and to provide Into-plane services at Chhatrapati
consolidated Revenue from Operations of ` 30.27 crore Shivaji Maharaj International Airport (CSMIA), Mumbai.
and consolidated loss of ` 2.32 crore for the financial year MAFFFL is constructing the Integrated Fuel Farm Facility
ending 31st March 2021, as against consolidated Revenue on an open access basis. Construction of the new facility
from Operations of ` 51.94 crore and consolidated profit was adversely impacted due to COVID induced
of ` 5.89 crore respectively for the previous year. The EPS restrictions and is expected to be fully functional during
for the year 2020-21 is ` (1.16), as against ` 2.95 in the the year 2021-22. The revenue to MAFFFPL is by way of
year 2019-20. The company has not recommended any the Fuel Infrastructure Charges, payable by the suppliers
dividend for the year ending 31st March 2021. However, for utilizing the Facility. MAFFFL achieved throughput of
for the previous year, dividend of ` 0.25 per share has 6.06 lakh KL during the year 2020-21, which is a drop of
been paid by the company. 59% from the year 2019-20, due to grounding of flights
DELHI AVIATION FUEL FACILITY PRIVATE LIMITED for several months and severe restriction in flight
(DAFFPL) movements, particularly international flights, during the
year. MAFFFPL has registered a decline in Revenue from
A Joint Venture Company, DAFFPL has been promoted by
Operations to ` 46.49 crore for the year ending
BPCL, Indian Oil Corporation Limited and Delhi
31st March, 2021, as against revenue of ` 113.64 crore
International Airport Limited (DIAL) for implementing
during the previous year. MAFFFPL has achieved a small
open access Aviation Fuel facility for the new T3, T2 and
profit after tax of ` 1.56 crore during the year 2020-21, as
cargo terminals at Delhi International Airport. Currently,
against ` 40.05 crore in the previous year. The EPS for the
the company is setting up an Aviation hydrant system at
year stood at ` 0.08 as against ` 2.07 in the year 2019-20.
T1 terminal of Delhi International Airport as well. The
authorized and paid-up share capital of the company is KANNUR INTERNATIONAL AIRPORT LIMITED (KIAL)
` 170 crore and ` 164 crore, respectively. BPCL and IOCL
KIAL is an unlisted Public Company promoted by the
each have subscribed to 37% of the share capital of the
Government of Kerala to build and operate the airport at
joint venture while the balance 26% is held by DIAL.
Kannur on international standards, primarily to cater to
DAFFPL has achieved Revenue from Operations of
the travelling needs of the large NRI population in the
` 57.36 crore and net Loss of ` 12.43 crore for the year
region who travel frequently to various international
ending 31st March 2021, as against revenue of ` 123.96
destinations, the flourishing business community and
crore and net profit of ` 41.43 crore respectively during
tourists. The project cost was ` 2,392 crore, of which
the previous year. The EPS for the year stood at ` (0.76),
` 1,500 crore will be financed through equity and balance
as against ` 2.53 in the year 2019-20. The company has
not recommended any dividend for the year ending 31st sum of ` 892 crore will be financed by way of borrowings.
March 2021. However, the dividend of ` 0.65 per share The paid up capital of the company as on 31st March, 2021
for the year 2019-20 was paid during the year 2020-21. is ` 1,338.12 crore, out of which BPCL has made a
contribution of ` 216.80 crore. Kannur Airport was
MUMBAI AVIATION FUEL FARM FACILITY PRIVATE commissioned on 9th December 2018, and is the
LIMITED (MAFFFPL) 4th international airport in Kerala. During the year
MAFFFPL was incorporated in February, 2010 on 2020-21, total aircraft movements were 6,135 and
28th October, 2014. BPCL, Indian Oil Company Ltd (IOCL) passenger traffic was approx. 4.73 lakh, as against
and Hindustan Petroleum Company Limited (HPCL) 15,142 aircraft movements and approx. 15.83 lakh of
became joint venture partners with Mumbai International passenger traffic in the previous year. The reduction in
Airport Limited (MIAL) with equity holding of 25% each. Flights and passenger traffic was due to cancellation of
Presently, BPCL has invested an amount of ` 48.29 crore scheduled flights (both domestic and international) due
towards equity. MAFFFPL has started its operations from to lockdown in COVID-19 pandemic situation.

MATRIX BHARAT PTE LIMITED (MXB) from Coimbatore RT to Salem RT. For these two phases,
the Tamil Nadu Government order on RoU acquisition &
MXB is a Joint Venture Company incorporated in
compensation was released on 14th February 2020.
Singapore in May 2008 for carrying out the bunkering
However, not much progress has been achieved with
business and supply of marine lubricants in the
respect to ROU acquisition during the year.
Singapore market, and other international bunkering,
including expanding into Asian and Middle East markets. GSPL INDIA TRANSCO LIMITED (GITL)
The company has been promoted by BPCL and Matrix
GSPL India Transco Ltd. (GITL) is a joint venture of BPCL,
Marine Fuels L.P. USA, an affiliate of the Mabanaft group
IOCL, HPCL and Gujarat State Petronet Ltd. (GSPL).
of companies, Hamburg, Germany, both contributing
GSPL has 52% equity participation in the company and
equally to the share capital of USD 4 million. Matrix
balance equity is held by IOCL (26%), HPCL (11%) and
Marine Fuels L.P. USA subsequently transferred their
BPCL (11%).
share and interest in the joint venture in favour of Matrix
Marine Fuels Pte Limited, Singapore, which has further GITL has been authorised to lay 1,881 long km pipeline
been transferred in favour of Bomin International from Mallavaram to Bhilwara. The initial section of Project
Holding GmbH, Germany, both being affiliates of the from Reliance Gas Transmission India Limited
Mabanaft group. In March 2021, MXB has carried out interconnection point at Kunchanapalli to Ramagundam
capital reduction and the revised share capital of MXB Fertilizers & Chemicals Limited’s Plant at Ramagundam is
stands at USD 0.50 million, BPCL share being USD 0.25 in operations since the year 2019-20. During the year
million. The company is not carrying out trading 2020-21, the Company has transported approx. 88.18
activities. MXB reported a profit of USD 0.07 million for MMSCM of gas and has earned revenue of ` 12.09 crore
the year ending 31st December, 2020, as against USD through transportation of gas, as the tariff is lower in
0.03 million for the year ending 31st December, 2019. initial years of operations.
KOCHI SALEM PIPELINE PRIVATE LIMITED (KSPPL) GSPL INDIA GASNET LIMITED (GIGL)
BPCL signed a Joint Venture Agreement with IOCL for GSPL India Gasnet Ltd. (GIGL) is a joint venture of BPCL,
implementation of the Kochi-Coimbatore-Salem LPG IOCL, HPCL and GSPL. GSPL has 52% equity
Pipeline Project and formed a Joint Venture Company, participation in the company and balance equity is held by
KSPPL in January 2015, on a 50:50 basis. As on IOCL (26%), HPCL (11%) and BPCL (11%).
31st March, 2021, BPCL has paid an amount of ` 202.50 GIGL has been authorised to lay two cross country gas
crore towards equity in this JV Company. pipelines viz Mehsana to Bathinda Pipeline (MBPL) and
The Project is being executed in 4 phases. The 1st phase Bathinda to Jammu-Srinagar Pipeline (BJPL). During the
is 12 km 12” pipeline from Kochi Refinery (KR) to IOCL year under review, the Company has approved revised
Udayamperoor Bottling plant & 155 km 12” pipeline from pipeline route of MBPL and BJPL aggregating to approx.
Kochi Refinery to Palakkad Receipt Terminal (RT). The 1,929 km. The initial sections of the Projects covering
12 km pipeline from KR Despatch Terminal (DT) to approx. 442 km viz. Barmer-Pali Pipeline, Palanpur-Pali
Udayamperoor RT was commissioned on 20th August, Pipeline and Jalandhar Amritsar Pipeline are in operations
2017 and during the year 2020-21, 109.30 TMT LPG was since the year 2018-19. During the year 2020-21, GIGL
transported through this pipeline. With respect to the has transported about 1,256.91 MMSCM gas, as against
155 km pipeline from BPCL-KR DT to Palakkad RT, the approx. 629.59 MMSCM in the previous year. The
pipeline lowering is in an advanced stage and the overall company earned a Revenue from operations of `172.68
physical progress achieved as on 31st March, 2021 is crore during the year, as against ` 109.14 crore in the year
93.85%. The 2nd phase is 42 km 12” pipeline from 2019-20.
Puthuvypeen IOCL import terminal to KR. The overall Project implementation activities of various sections of
physical progress achieved for this section is 45.70%. MBPL Project planned under Phase II covering about 938
The 3rd and 4th phases are 50 km 12” pipeline from km and traversing through the states of Rajasthan,
Palakkad RT to Coimbatore RT and 170 km 8” pipeline Haryana and Punjab were in full swing during the year

under review and has achieved an overall progress of done in the accounts of BPCL. The company is under
more than 92%. The said sections are scheduled to be liquidation.
commissioned during the year 2021-22.
BHARAT RENEWABLE ENERGY LIMITED (BREL)
FINO PAYTECH LIMITED (FINO)
BREL was incorporated in June, 2008 for undertaking the
BPCL acquired shares in FINO in the year 2016-17 and production, procurement, cultivation and plantation of
made an investment of ` 251 crore. FINO Payments Bank the horticulture crops such as Karanj, Jathropha and
(FPB) (A FINO group entity) completes its fourth year of Pongamia, trading, research and development and
operation in June 2021. FPB evolved a new cost-effective management of all the crops and plantation including
channel of operations through the Merchant Network of Biofuels in the State of Uttar Pradesh, with an authorized
approx. 3.38 lakh merchants and stabilized 115 branches capital of ` 30 crore. The company has been promoted by
across India as on 31st March, 2021. Consolidated BPCL with Nandan Cleantec Limited (Nandan Biomatrix
Revenue from Operations during the year stood at Limited), Hyderabad and Shapoorji Pallonji group,
` 834.51 crore and consolidated loss for the year 2020- through their affiliate, SP Agri Management Services Pvt
21 was ` 50.41 crore, as against ` 827.37 crore and Ltd. A Company Petition was filed before the Hon'ble High
` 21.00 crore respectively for the previous year. Court of Allahabad (Lucknow Bench) for winding up
BREL. By the judgement dated 21.12.2015, the Company
PETRONET INDIA LIMITED (PIL)
was ordered to be wound up and an OL to proceed in
PIL was formed in the year 1997 as a financial holding accordance with the provisions of the Companies Act was
company to give impetus to the development of pipeline appointed. All assets and records of the company have
network throughout the country. The company carried been deposited with the OL and the OL has since
out business through Special Purpose Vehicle (SPVs) submitted a status request to the Hon’ble High Court. A
and Joint venture companies. With the new pipeline reply to the report submitted by the OL has been given
policy, oil companies were allowed to establish their own and the matter is pending in the Hon’ble High Court of
pipeline network. PIL obtained appropriate approvals and Allahabad.
proceeded to liquidate its investments in joint ventures
RATNAGIRI REFINERY & PETROCHEMICALS LIMITED
and subsidiaries. PIL’s equity has been purchased by
(RRPCL)
respective promoter companies viz. Petronet CCK
Limited stake has been taken over by BPCL, Petronet An integrated refinery and petrochemical complex of
MHB Limited stake has been taken over by HPCL and about 60 MMTPA capacity was conceived by the PSU Oil
ONGC and Petronet VK Limited stake has been taken over Marketing Companies (OMCs) in the west coast of
by IOCL and Reliance Industries Limited (RIL). PIL filed Maharashtra State, based on growing demand of
an application before NCLT and paid up share capital was petroleum fuels and petrochemical products in the
reduced from ` 100 crore to ` 1 crore and ` 99 crore was country. Accordingly, BPCL, IOCL and HPCL entered into
returned to its promoters. BPCL has 16% equity a Joint Venture Agreement and a JV Company, RRPCL
participation in the company with current investment of was incorporated in September 2017, with an authorized
` 0.16 crore. During the year 2018-19 shareholders of the capital of ` 400 crore. As on 31st March 2021, BPCL has
company had approved voluntary winding up of PIL and made an equity contribution of ` 50 crore. Saudi Aramco
appointed an Official Liquidator (OL) for the same. expressed interest in the project and a non-binding MoU
Liquidation of the company is under process. for Key Business Principles was signed on 11th April 2018.
Saudi Aramco sought to include ADNOC as a strategic
PETRONET CI LIMITED (PCIL) partner in 2018 and ADNOC was included accordingly.
PCIL was set up for laying a pipeline for evacuation of The allocation of the land for the project is currently
petroleum products from refineries at Jamnagar/ Koyali pending. The matter is being pursued by RRPCL with the
to feed consumption zones in Central India. BPCL has an State Government of Maharashtra for expediting
equity participation of 11% in this JV. Promoter allocation of land for RRPCL Project. The technical
companies have decided to exit from PCIL and provision configuration study of the project has been completed
for full diminution in the value of investment has been and pre-feasibility study is being finalized. Certain

pre-project activities like data collection and other Geo- MANAGEMENT DISCUSSION & ANALYSIS REPORT
physical requirements for environment clearance are (MDA)
being carried out. Other studies for execution readiness The MDA for the year under review, as stipulated under
of the project and strategic studies are also underway. Regulation 34(e) of SEBI (Listing Obligations and
IHB LIMITED (IHBL) Disclosures Requirement) Regulations, 2015 is
presented in a separate section forming part of the Annual
IHBL Limited is a Joint Venture of IOCL, BPCL and HPCL
Report.
with equity participation in the ratio of 50:25:25. IHBL
was incorporated in July 2019 as IHB Private Limited to The forward looking statements made in the MDA are
construct, operate and manage approx. 2,800 km long based on certain assumptions and expectations of future
Kandla-Gorakhpur LPG Pipeline (KGPL) for meeting the events. The Directors cannot guarantee that these
LPG demand of the bottling plants en-route the pipeline assumptions are accurate or these expectations will
in the States of Gujarat, Madhya Pradesh and Uttar materialize.
Pradesh. The Company was converted into a Public
CONSERVATION OF ENERGY, RESEARCH AND
Limited Company w.e.f 06th April, 2021. BPCL has made
DEVELOPMENT, TECHNOLOGICAL ABSORPTION AND
an equity contribution of ` 414.50 crore as on 31st March
FOREIGN EXCHANGE EARNINGS AND OUTGO
2021.
The particulars as prescribed under Sub-Section (3)(m)
The Pipeline is planned to meet the LPG requirement of
of Section 134 of the Companies Act, 2013 read with the
8 LPG Bottling Plants of IOCL, 6 of HPCL and 8 of BPCL
Companies (Accounts) Rules, 2014, are enclosed as
located in Gujarat, Madhya Pradesh and Uttar Pradesh.
Annexure A to the Directors’ Report.
The project is progressing at a steady speed and as on
31st March, 2021, 80% of Statutory Clearances and RoW MEMORANDUM OF UNDERSTANDING WITH MINISTRY
Acquisitions has been done. Detailed Engineering OF PETROLEUM & NATURAL GAS
Survey, EIA/RA Study & Hazop study has been
BPCL has entered into a Memorandum of Understanding
completed. Design and Engineering is completed for the
(MOU) for the year 2020-21 with MoP&NG. MOU for the
project except for Pipavav- Dumad Section that is
year 2021-22 is under finalization. The Company has been
presently on hold. Mainline work at Gujarat, Madhya
achieving “Excellent” performance rating since 1990-91.
Pradesh and Uttar Pradesh commenced from February
In the year 2018-19, the Company has achieved an
2021. As on 31st March 2021, the overall progress
achieved is 28.53%. The approved total cost of the ‘Excellent’ rating with composite score of 90.79%. MOU
project was ` 10,088 crore and till 31st March 2021, rating for the year 2019-20 is under evaluation.
964.61 crore have been incurred as project BOARD EVALUATION
implementation expenses.
As per the provisions of Section 134(3)(p) of the
The scheduled completion date of the Project is Companies Act, 2013, a listed entity is required to include
December 2021. However, due to onset of COVID-19, a statement indicating the manner of formal evaluation
IHB has sought time extension up to December 2022 of performance of the Board, its Committees and
from PNGRB for completing the project. Response from of individual Directors. However, the said provisions
PNGRB is awaited. are exempted for Government Companies as the
UJJWALA PLUS FOUNDATION (UPF) performance evaluation of the Directors is carried out by
the Administrative Ministry i.e. MoP&NG, as per laid-
UPF was incorporated in July 2017, as a Joint Venture down evaluation methodology.
Company among the three PSU Oil Marketing
Companies viz BPCL, HPCL and IOCL (in the ratio of PARTICULARS OF EMPLOYEES AND RELATED
25:25:50) under section 8 of the Companies Act, 2013. DISCLOSURES
The company receives donations from individual/ The provisions of Section 134(3)(e) of the Act are not
Corporate/NGOs etc. which shall be utilized for extending applicable to a Government Company. Consequently,
financial assistance for making LPG available to details on Company’s policy on Directors’ appointment
economically disadvantaged households who are not and other matters are not provided under Section 178 (3)
covered by Pradhan Mantri Ujjwala Yojana. of the Act.

Similarly, Section 197 of the Act shall not apply to a and Economic Responsibilities of Business as issued by
Government Company. Consequently, there is no the Ministry of Corporate Affairs, Government of India.
requirement of disclosure of the ratio of the remuneration BPCL’s Sustainability Report is in accordance with the
of each Director to the median employee’s remuneration Global Reporting Initiative (GRI).
and other such details, including the statement showing
As stipulated under the SEBI (Listing Obligations and
the names and other particulars of every employee of the
Disclosure Requirements) Regulations, 2015 the
Company, who if employed throughout / part of the
Business Responsibility Report describing the initiatives
financial year, was in receipt of remuneration in excess of
taken by the Company from the environmental, social
the limits set out in the Rules are not provided in terms of
and governance perspective is attached as part of the
Section 197(12) of the Act read with Rule 5 (1) / (2)
Annual Report
of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014. TRANSACTION WITH RELATED PARTIES
The Chairman & Managing Director and the Whole During the Financial Year, the Company has entered into
time Directors of the Company did not receive any contracts or arrangements with related parties, which
remuneration or commission from any of its were in the ordinary course of business and on an arm’s
Subsidiaries. length basis.
BPCL being a Government Company, its Directors are The required information on transactions with related
appointed / nominated by the Government of India as per parties are provided in Annexure F in Form AOC-2 in
the Government / DPE Guidelines, which also include accordance with Section 134(3) of the Act and Rule 8(2)
fixation of pay criteria, determining of qualifications and of the Companies (Accounts) Rules, 2014.
other matters. The Policy on related party transactions including
CORPORATE GOVERNANCE material related party are available on the Company’s
website at the link https://www.bharatpetroleum.com/
The Report on Corporate Governance, together with the
about-bpcl/our-policies.aspx
Auditors’ Certificate on compliance of Corporate
Governance, is annexed as Annexure D, as required PARTICULARS OF LOANS, GUARANTEES OR
under Listing Regulations and Department of Public INVESTMENTS
Enterprises Guidelines of Corporate Governance for The Company has provided Loans/Guarantees to its
Central Public Sector Enterprises. Subsidiaries/Joint Ventures and has made Investments
SECRETARIAL STANDARDS in compliance with the provisions of the Companies Act,
2013. The details of such investments made and loans/
The Company complies with the mandatory Secretarial
guarantees provided as at 31st March, 2021, are given
Standards issued by the Institute of Company Secretaries
in the Disclosures under Regulation 34 read with
of India.
Schedule V of SEBI (Listing Obligations and Disclosure
SOCIAL, ENVIRONMENTAL AND ECONOMIC Requirements) Regulations, 2015 in Annexure G.
RESPONSIBILITIES AND BUSINESS RESPONSIBILITY
RISK MANAGEMENT
REPORT
The Risk Management Committee has been constituted
The Company is committed to be a responsible Corporate by the Board. The Board has defined the roles and
Citizen in society, which leads to sustainable growth and responsibilities of the Risk Management Committee
economic development for the nation as well as all which includes reviewing and recommending of the risk
stakeholders. In order to be a responsible business to management plan comprising risks assessed and their
meet its commitment, the Board of Directors of the mitigation plans and reviewing and recommending the
Company have adopted and delegated to the risk management report for approval of the Board with
Sustainability Committee the implementation of a the recommendation of the Audit Committee. The
Business Responsibility Policy based on the principles of Company’s internal financial controls and risk
National Voluntary Guidelines on Social, Environmental management systems are assessed by the Audit

Committee/ Board. During the year the proposals were f) The Directors have devised proper systems to ensure
reviewed only by the Board as the Company could not compliance with the provisions of all applicable laws
reconstitute the Audit Committee due to lack of sufficient and such systems are adequate and operating
numbers of Independent Directors. The Company has effectively.
adopted a Risk Management Charter and Policy for self- DIRECTORS AND KEY MANAGERIAL PERSONNEL
regulatory processes and procedures for ensuring the
conduct of the business in a risk conscious manner and Shri D. Rajkumar, C&MD superannuated at the close of
for managing risks on an ongoing basis. Accordingly, the office hours on 31.08.2020. The Directors have placed on
Company has adopted Enterprise Risk Management record, their deep appreciation on behalf of the Board for
Policy, Commodity Risk Management Policy and the valuable contributions made and guidance given by
Financial Risk Management policy. As per the Risk him for the development and progress of the Company’s
Management charter and policy, the Company has business. Shri K. Padmakar, Director (Human Resources)
identified risks in the category of (i) Business Excellence has been entrusted with the additional charge of the post
(ii) Operations (iii) Information Technology (iv) Human of Chairman and Managing Director w.e.f. 01.09.2020 by
MoP&NG.
Resources (v) Strategic (vi) Financial (vii) Logistics
(viii) Marketing (ix) Legal and Regulatory (x) Brand Shri R. Ramachandran, Director (Refineries) superannuated
(xi) Environment (xii) Security (xiii) Procurement and at the close of office hours on 31.08.2020. The Directors
(xiv) Research and Development. Apart from this, the have placed on record, their deep appreciation on behalf
management is also monitoring the risk posed to the of the Board for the valuable contributions made and
business by the COVID-19 pandemic. guidance given by him for the development and progress
of the Company’s business. Shri Arun Kumar Singh,
DIRECTORS RESPONSIBILITY STATEMENT
Director (Marketing) has been entrusted with the
Pursuant to Section 134(3) (c)/ (5) of the Companies Act, additional charge of the post of Director (Refineries) w.e.f.
2013, the Directors of the Company confirm that: 18.09.2020 by MoP&NG.
a) In the preparation of the Annual Accounts for the year Shri Vinay Sheel Oberoi, Independent Director ceased to
ended 31st March, 2021, the applicable Accounting be the Director of the Board w.e.f. 10.04.2020 due to his
Standards have been followed along with proper demise. The Directors place on record his contributions
explanation relating to material departures; towards the Company and express their deep condolences
b) The Directors have selected such accounting policies on his sad demise.
and applied them consistently and made judgements Shri N. Vijayagopal, Director (Finance) superannuated at
and estimates that are reasonable and prudent, so as the close of office hours on 31.07.2021. He was also the
to give a true and fair view of the state of affairs of the Chief Financial Officer of the Company. The Directors have
Company at the end of the financial year and of the placed on record, their deep appreciation on behalf of the
profit and loss of the Company for that period; Board for the valuable contributions made and guidance
c) The Directors have taken proper and sufficient care given by him for the development and progress of the
for the maintenance of adequate accounting records Company’s business. Shri Arun Kumar Singh, Director
in accordance with the provisions of the Act for (Marketing) was entrusted with the additional charge of
safeguarding the assets of the Company and for the post of Director (Finance) by MoP&NG vide their letter
preventing and detecting fraud and other dated 03.08.2021.
irregularities; Shri V.R.K. Gupta, Head (Corporate Treasury) was
d) The Directors have prepared the annual accounts on appointed as Chief Financial Officer of the Company w.e.f.
a ‘going concern’ basis; 01.08.2021.
e) The Directors have laid down internal financial Shri Arun Kumar Singh, Director (Marketing) will retire by
controls to be followed by the Company and such rotation at the ensuing AGM as per the provisions of
internal financial controls are adequate and are Section 152 of the Act and being eligible, has offered
operating effectively; and himself for reappointment as Director at the said Meeting.

As required under the Corporate Governance Clause, The vigil mechanism provides for adequate safeguards
brief bio-data of the above Director who is reappointed at against victimization of persons who use the mechanism
the AGM, is provided in the Notice. and has provision for direct access to the Chairperson of
the Audit Committee in appropriate or exceptional cases.
DECLARATION OF INDEPENDENCE
The details of establishment of such a mechanism are
The Independent Director of the Company has provided a disclosed in the Company’s web link: https://www.
declaration confirming that he meets the criteria of bharatpetroleum.com/about-bpcl/ourpolicies.aspx
independence as prescribed under the Companies Act, NUMBER OF MEETINGS OF THE BOARD
2013 and SEBI (Listing Obligations and Disclosure
Sixteen meetings of the Board of Directors were held
Requirements) Regulations, 2015. The Independent
during the year, the details of which are given in the
Director has confirmed his registration with Independent
Corporate Governance Report that forms part of this
Director’s Databank maintained by Indian Institute of Report. The intervening gap between the meetings was
Corporate Affairs in compliance with the requirements of within the period prescribed under the Companies Act,
the Companies (Appointment and Qualification of 2013 and the Listing Regulations.
Directors) Rules, 2014.
ANNUAL RETURN
FAMILIARISATION PROGRAMMES
As required under Section 92 (3) of the Companies Act,
The Company has adopted a policy for the training 2013, the Annual Return of the Company for the year
requirements of Board Members. The details thereof 2020- 21 is available on the website of the Company on
with the programs sponsored for familiarization of the following link https://www.bharatpetroleum.in/
Independent Directors with the Company are available at bharat-petroleum-for/investors/shareholders-
the Company’s web link: https://www.bharatpetroleum. information/agm-reports.aspx.
com/about-bpcl/our-policies.aspx ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH
AUDIT COMMITTEE REFERENCE TO THE FINANCIAL STATEMENTS
As BPCL has only one Independent Director, the Audit The details are included in the MDA which forms part of
this Report.
Committee could not be reconstituted and hence no
meetings of Audit Committee were held during the STATUTORY AUDITORS
year 2020-21. BPCL, being a Government Company, M/s. CVK & Associates, Chartered Accountants, Mumbai
Government of India has been approached for nomination and M/s. Borkar & Muzumdar, Chartered Accountants,
of requisite number of Independent Directors. Mumbai, were appointed as Statutory Auditors for the
The details of the composition of the Audit Committee, year 2020-21, by the Comptroller & Auditor General of
India (C&AG), under the provisions of Section 139(5) of
terms of reference, etc. are provided in the Corporate
the Companies Act, 2013. They will hold office till
Governance Report which forms a part of this Report.
conclusion of the ensuing Annual General Meeting.
VIGIL MECHANISM C&AG is in the process for appointment of Statutory
Auditors for the year 2021-22.
There exists a vigil mechanism to report genuine
concerns in the Organization. The Company has The Auditors’ Report does not contain any qualification,
implemented the Whistle Blower Policy to ensure greater reservation or adverse remark.
transparency in all aspects of the Company’s functioning. REPORTING OF FRAUDS BY AUDITORS
The objective of the policy is to build and strengthen a
The Auditors in their report for the year have not reported
culture of transparency and to provide employees with a
any instance of fraud committed by the officers/
framework for responsible and secure reporting of
employees of the Company.
improper activities.

COST RECORD AND COST AUDIT SEBI LODR and CPSE Guidelines for the period
under review i.e. 01.04.2020 to 31.03.2021;
The Company has prepared and maintained cost records
as prescribed under Section 148(1) of the Companies iv. Proper composition of Committees namely (1)
Act, 2013 for the year 2020-21. The Cost Audit Report for Audit Committee as prescribed under the Section
the year 2019-20 has been filed with the Ministry of 177(2) of the Act, Regulation 18(1)(a), (b) and
Corporate Affairs before due date in XBRL Format. The (d) of SEBI LODR and CPSE Guidelines and (2)
Cost Auditors for financial year 2019-20 were M/s ABK & Nomination and Remuneration Committee as
Associates, Mumbai and M/s Bandyopadhyaya Bhaumik prescribed under the Section 178(1) of the Act,
& Company, Mumbai. Regulation 19(1)(a)and 19(2) of SEBI LODR for
the period from 10.04.2020 till 31.3.2021;
The Cost Auditors appointed for the year 2020-21 are
B. The Company has not held
M/s R. Nanabhoy & Co, Mumbai and M/s G. R. Kulkarni &
Associates, Mumbai. The Cost Auditor shall, within a i. Any meeting of the Audit Committee during the
period of 180 days from the closure of the financial year, year i.e. from 01.04.2020 to 31.03.2021 as
forward the Cost Audit Report and the Company is required under Regulation 18(2)(a) of SEBI
required to file the Cost Audit Report within 30 days of LODR and CPSE Guidelines. However, the
receipt of the same. obligations of the Audit Committee were
exercised by the Board of Directors during the
SECRETARIAL AUDITOR period under review i.e. 01.04.2020 to 31.03.2021;
The Board has appointed M/s Dholakia & Associates LLP, ii. Any meeting of the Nomination and Remuneration
Company Secretaries to conduct the Secretarial Audit for Committee during the year i.e. from 01.04.2020
the year 2020-21. The Secretarial Audit Report for the to 31.03.2021, as required under Regulation
financial year ended 31st March, 2021 is enclosed as 19(3A) of SEBI LODR. However, the obligations
Annexure H to this Report. of the Nomination and Remuneration Committee
The Secretarial Audit Report contains observation that were exercised by the Board of Directors during
during the period under review, the Company has the period under review i.e. 01.04.2020 to
complied with the provisions of the Act, Rules, 31.03.2021;
Regulations, Guidelines, Standards etc. as applicable to iii. Any meeting of the Independent Directors during
the Company, except to the extent as mentioned below: the year i.e. from 01.04.2020 to 31.03.2021, as
required under Regulation 25(3) and (4) of SEBI
A. The Company did not have the following:
LODR;
i. Woman Independent Director on its Board as
Explanations by the Board to the above observations in
required under second proviso of sub-section
the Secretarial Auditor Report:
(1) of Section 149 of the Act read with Companies
(Appointment and Qualification of Directors) “Bharat Petroleum Corporation Ltd. (BPCL) is a
Rules, 2014 and Regulation 17(1)(a) of SEBI Government Company under the Administrative Control
(Listing Obligations & Disclosure Requirements) of Ministry of Petroleum and Natural Gas. The nomination/
Regulations, 2015 (SEBI LODR) for the period appointment of all categories of directors are done by
from 01.04.2020 to 31.03.2021; Government of India in accordance with the laid down
guidelines of Department of Public Enterprises.
ii. Optimum combination of executive and non-
Accordingly, the subject matter of nomination/
executive directors as required under Regulation
appointment of adequate number of Independent
17(1)(a) of SEBI LODR and CPSE Guidelines for
Directors including Woman Director falls under the
the period 01.04.2020 to 31.08.2020; purview of the Government of India. BPCL has, from time
iii. Requisite number of Independent Directors on to time, communicated to the Ministry of Petroleum &
its Board as required under sub-section (4) of Natural Gas with respect to the requirements of
Section 149 of the Act, Regulation 17(1)(b) of Independent Directors including Woman Director under

the Companies Act, 2013 and SEBI Regulations. As BPCL ACKNOWLEDGEMENTS
has presently only one Independent Director, BPCL could
The Directors are proud to see the Company stand strong
not reconstitute Audit Committee and Nomination and
on the resilient shoulders of the employees who, despite
Remuneration Committee as per the provisions under the
said Act and Regulations and conduct their meetings as the COVID-19 pandemic, displayed total commitment
well as meeting of Independent Director. All the towards pursuit of excellence. They applaud the
obligations of these Committees were exercised by the undaunted spirit of the employees who turn obstacles
Board of Directors. After receipt of nomination from the into stepping stones to success, and hail them as the
Govt. of India, BPCL would be able to comply with the most precious resources of the Company.
requirements under the Companies Act, 2013 and SEBI The Directors acknowledge the support and guidance
Regulations as indicated in the Secretarial Audit Report.” received from various Ministries of the Government of
GENERAL India, particularly the MoP&NG and from various State
Governments that have paved the path for BPCL's
There were no significant or material orders passed by
success march.
the Regulators or Courts or Tribunals impacting the going
concern status and Company’s operations in future. The BPCL's scintillating performance is also fueled by the
Company has not issued equity shares with differential loyalty and encouragement of the customers, business
rights / sweat equity shares. partners and shareowners, year after year, for which the
The Company has an Internal Complaints Committee Directors express their deep gratitude.
(ICC) to address complaints pertaining to sexual The Directors recommit themselves to take BPCL to the
harassment in the workplace. During the year, one (1) higher echelons of the energy sector and add newer
complaint of sexual harassment was received in respect dimensions of growth and success.
of the employees. One (1) complaint was received in
March 2020 and both complaints were disposed during For and on behalf of the Board of Directors
the year 2020-21 by the Internal Complaints Committee
and no complaints were pending for more than 90 days. Sd/-
Domestic enquiry has been completed and final report is K. Padmakar
awaited in one complaint and the second complaint is Chairman & Managing Director
closed on the request of victim and the accused
Place : Mumbai
(Supervisor) has been terminated. The Company has
worked extensively on creating awareness on relevance Date : 2nd September, 2021
of sexual harassment issues and has conducted six
awareness programs for the employees.

MANAGEMENT DISCUSSION &
ANALYSIS REPORT
The year 2020 will go down in the annals of history as a However, the uncertainty surrounding the evolution of
year hit by one of the worst humanitarian and economic the virus with the newer mutations reported in many
crisis, mankind has ever seen. The COVID 19 pandemic geographies and the effectiveness of vaccines against
unleashed unprecedented challenges that shook the very them, pose serious downside risks to the world economy.
roots of economic activity worldwide. However, the world Besides, the global economic outlook also hinges on
displayed exemplary resilience and determination in effectiveness and adequacy of economic policies in
fighting the crisis. Still the war is far from over. While limiting the damage inflicted by the crisis. Frequent and
recent developments of vaccines have given a ray of prolonged disruptions may lead to deeper and lasting
hope, their ultimate efficacy is yet to be established and a fractures in the value chains with contact-intensive
vast majority of the world population is yet to be sectors, weaker sections of society and vulnerable
vaccinated. The world is constantly looking over its economies being at maximum risk. With the crisis still far
shoulders for subsequent waves of the pandemic, from over, the long term impact on various industries and
various mutated strains of the virus keep rearing their the extent of scarring on various economies are yet to be
ugly head unexpectedly, while the economies confront evaluated. Nevertheless, as the structural shifts evolve
frequent setbacks and, the uncertainty continues.
and the consumer behavior changes, a new normal is
Economic Developments: Unprecedented Times rapidly evolving and shaping up.
The pandemic induced lockdowns and disruptions in Hopes of effective and rapid inoculation, materialization
economic activity brought about a severe recession with of desired impact of stimulus packages and no further
the global GDP de-growing by around 3.6% in the year unpleasant surprises on the pandemic side, have made
2020. This is an unprecedented situation, as the the world look forward to 2021 as a year of high growth.
contraction is due to factors on the demand as well as However, it will take some time before the economy
supply side, with sudden and deep impacts varying reaches it pre-pandemic levels. With limited policy space
across sectors. The economies across the world left with many economies, the policy makers across the
responded swiftly through prompt policy measures and world have a daunting task of promoting growth and
generous stimulus packages. While the first half of the creating a resilient economic structure while
year witnessed maximum impact with stringent simultaneously managing public finances and debt
lockdowns and containment measures, the gradual situation, bolstering healthcare systems, and reversing
reopening of the economy and resumption of activity in the rising social inequality. The policies will have to be
the latter part of the year with flattening of the first wave of well calibrated, distinctly targeted and meticulously
the pandemic, fired the economic engine back to life. monitored for desired impacts. Besides, an atmosphere
Presently, the global economy is perceived to be out of its of international trust and cooperation with prompt
worst phase since the crisis began and is on a recovery information sharing; collaborated research, development
path, with mankind adapting to a ‘pandemic way of life’ and production; provision of critical medical supplies
encompassing various restrictions and medical science including vaccines; resolution of trade and technology
offering some hope. The extent of economic recovery tensions and extension of financial assistance,
varies across countries and sectors, depending on the particularly to the weaker economies would be critical for
gravity of disruption and quantum of policy support. an all-round and inclusive development of the world.

India & World GDP Growth %
The Indian economy too, already witnessing a slow disruptions and associated mark-ups drove prices
down since 2017, was pushed into a deep recession in northwards. The CPI inflation receded in subsequent
the year 2020-21 due to disruption in economic activity months due to easing of food prices and favorable base
caused by the pandemic. With supply chains distorted effects, however the month of March 21 saw a spike in the
and demand position imbalanced, the disruption had the CPI inflation to 5.52% from 5.03% in February 21.
maximum impact on the unorganized sector, migrant The average inflation during the year 2020-21 was 6.18%
laborers, weaker sections of society and small and against 4.76% in the previous year. While inflation during
medium enterprises. The country’s swift and the first few months of the year 2021-22 is on rise,
comprehensive response to the crisis, in terms of however, on an yearly basis, is expected to remain within
containment measures, healthcare management, policy RBI’s tolerance limits, supported by softer food prices,
initiatives, economic stimulus and impetus on due to a normal monsoon, and restoration of supply
indigenous manufacturing helped position it back onto chains upon easing of restrictions, while inflationary
the path of revival. Consequently, the GDP growth rate headwinds can emanate from high commodity prices
which slipped to -24.4% and -7.4% in the first and the including high fuel prices, supply side disruptions due to
second quarters of the year 2020-21, recovered to 0.5% pandemic and passing over of input cost increases.
and 1.6% in the third and the fourth quarters respectively, CPI Inflation (2012 Base)
ending the year with the growth rate of -7.3% as against a
GDP growth rate of 4.0% in the year 2019-20 – an
unprecedented de-growth in the past several decades.
As the country emerges from a much severe second wave
of the pandemic with a large portion of the population yet
to be vaccinated, there are significant downside risks,
particularly with the projections of a third wave,
sometime in the second half of the year 2021. However, The Indian Rupee (INR) witnessed sharp depreciation
faster vaccination, effective healthcare management, from the levels of around INR 72 per USD during end of
pandemic containment with minimal restriction on February’20 due to disruption in economic activity and
economic activity and continued policy support shall be global risk aversion and touched a low of INR 76.81 per
the key to successfully emerge from the crisis and speed USD in April’20. The exchange rate remained under
up economic recovery. In the event that there are no immense pressure for the first five months of the year
unpleasant surprises, mass scale vaccination is 2020-21 hovering at around INR 75 per USD, after which
achieved, business and consumer confidence improves it appreciated gradually over the remaining part of the
and investments pick up, the economic activity is year on the back of economic recovery, depreciation of
expected to rebound strongly in 2021-22. USD and inflow of foreign investments with the return of
risk appetite for emerging markets. The INR appreciated
The headline Consumer Price Index (CPI) inflation in the to levels of around INR 72 per USD in mid-March’21, post
country, kept increasing from March 2020 levels and which it again faced headwinds from renewed concerns
peaked at 7.61% in the month of October 2020 as supply due to the second wave of pandemic, rising US bond

yields, increased global financial market volatility, and have been confounded by a confluence of various
moderation in foreign investment flows, ending the year intricate factors caused by the pandemic. While the
at INR 73.50 per USD. On a year on year basis, INR emergence of a new normal, changes in consumer and
averaged 74.21 per USD during the year 2020-21 as business behavior and rapid technological developments
against INR 70.89 per USD in the previous year, are likely to accelerate the march towards the lower
registering a depreciation of 4.69% on the average rate. carbon future; subdued economic activity suggesting a
The INR has been trading at an average of around 74 per low emission period and financial constraints faced by
USD during the first few months of the year 2021-22. economies in supporting clean fuel subsidies propose an
Going forward, the course of the foreign exchange rate extended run for the fossil fuels, particularly Oil and Gas.
will be determined by the evolving COVID-19 situation, Eventually, the developments in energy sector will be
financial market risk rebalancing and pace of economic determined by the trajectory of the pandemic, the
recovery in the country and the world. changes in global socio-economic structure and the
energy policy decisions of the nations.
78 INR v/s USD
76 The global energy demand saw contraction by a
74 whopping 4% during 2020, the largest decline since
72
70 World War II and the largest absolute decline ever. Oil
68
66 suffered the maximum decline of around 8.8%
64 (estimated 8.5 million barrels per day) - the largest ever in
62
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun both absolute and relative terms, as against a growth of
2020-21 2019-20 2018-19
0.8% in 2019, mainly on account of restrictions on
Though the country’s recovery efforts have been mobility. Coal demand has been in a structural decline
overwhelmed with the devastating effects of the second and fell by a huge 4% in 2020 as against 1.7% de-growth
wave of pandemic, however, avoidance of a complete in 2019, driven by lower demand for electricity owing to
nationwide lockdown has cushioned the impact. The disruption in commercial activity coupled with enhanced
sudden and severe second wave has accentuated the use of gas due to its low prices and increasing output
need to strengthen the healthcare and crisis management from renewables. Lower prices and an increased
systems of the country on a war footing basis to prepare adoption in Asia and the Middle East enabled Gas to be
it for any unpleasant development on the pandemic more resilient than oil and coal in 2020, with demand
front going forward. Despite the various risks and falling only by 1.9%. However, it was Renewables that
uncertainties, the country’s long term prospects of bucked the trend and posted a growth of 3% largely
re-emerging as a growth engine of the world appear driven by growth in solar and wind power (23% and 12%
intact, propped by numerous reforms implemented over year on year respectively), as new capacities came on
the years, the country’s rich demographic dividend, a stream and commanded priority usage in many markets.
resilient economic structure, a sound financial system, a The electricity generation from nuclear power also
committed federal government and its immense potential declined by around 4% in the year 2020 mainly due to
to become a Global Factory. decline in electricity demand as well as shutdowns of the
power plants either for maintenance temporarily or
Trends in the Oil and Gas Sector
permanently.
The COVID 19 pandemic has impacted the energy sector
in ways which may have far reaching and long lasting Growth in Energy Sources in 2020
implications. Even as the global energy demand 20.00% 16.00%
15.00%
witnessed one of the biggest declines in history, it also
10.00% 7.00%
facilitated a larger, welcome decline in the greenhouse
5.00%
gas emissions, allaying immediate concerns from usage
0.00%
of fossil fuels. The growing climatic concerns over time -5.00% -2.00%
-4.00% -4.00%
have seen the energy basket constitution changing in -10.00%
-9.00%
favor of renewables and alternate fuels, however, the -15.00%
global efforts in creating a sustainable energy system Coal Oil Gas Nuclear Hydro and Biomass Solar and Wind

While the degree of disruption in economic activity varied vaccination drive present a silver lining. Also, while the
across countries, the advanced economies witnessed the emissions are likely to go up, they are expected to remain
maximum decline in energy demand by over 6% during short of the pre-crisis levels. Nonetheless, structural
2020. The emerging and developing economies shifts in the energy sector are expected to continue in
registered a comparatively lesser drop in energy demand favor of low carbon solutions, impacting the demand for
with India registering a decline of around 5%, Southeast fossil fuels.
Asia around 3%, Middle East around 2% and Africa
The outbreak of the pandemic had the international prices
around 1.5%. However, China stood out as an exception
of crude oil and natural gas witness an unusual decline
as the only major economy recording an increase in
and a phase of extreme volatility. The disruption in
economic output as well as energy demand as it
economic activity, demand-supply imbalance due to
experienced an early and strong rebound in economic
supply war by major producers and an inventory glut
activity. It was also the only major economy which drove down the crude oil prices to historic lows in the
recorded a growth in oil and coal demand in 2020 which beginning of the year 2020-21, which even slipped into
is expected to continue in 2021 as well. negative zone - the benchmark WTI crude futures ticking
The global CO2 emissions declined by almost 5.8% in the an unprecedented negative of USD 37.63 per barrel in
year 2020, the largest ever, owing to the decline in one trading session during mid-April 2020. The
demand of two major sources of emissions viz. oil and benchmark Brent crude prices registered a staggering
coal. The decline was also almost five times greater than low of USD 13.24 per barrel during this period. However,
in 2009 that followed the global financial crisis. The the prices firmed up subsequently as the global economy
advanced economies contributed the most, with the drop recovered with lifting up of lockdowns and demand-
averaging almost 10%, while the emissions dropped by supply balance restored through supply cuts by the
around 4% in emerging market and developing OPEC+ producing nations. Nevertheless, volatility
dominated the crude oil market with the benchmark Brent
economies. Contrary to the general trend, it was China
crude prices moving in the range of around USD 13 per
again, the world’s largest CO2 emitter, which recorded an
barrel to USD 69 per barrel during the year 2020-21,
increase in annual CO2 emissions in 2020 as the country
averaging at around USD 44 per barrel as against USD 61
witnessed a faster and sharp recovery from the pandemic
per barrel in the previous year. Moving in tandem, the
as compared to others.
Indian basket of crude oil also averaged at around USD 45
With expectations of a stronger recovery in economic per barrel during the year 2020-21, as against USD 61 per
activity assuming that the pandemic situation is barrel in the previous year. The crude oil prices continue
controlled in time, the demand for energy is likely to to remain strong into the first few months of the year
rebound strongly in 2021, pushing it back to pre-COVID 2021-22, with the Brent Crude prices even testing the
levels or even more. However, this is subject to highs of over USD 75 per barrel in June’21. Going
uncertainties. New waves of the pandemic are prolonging forward, the pathway of the pandemic, the pace of global
the restrictions on movement and economic activity recovery, the developments on geo-political front and the
indicating a subdued global energy demand for a longer production strategies followed by the major producers
time than expected, whereas, stimulus packages and shall be instrumental in determining the course of the
crude oil prices.
90 Brent Platt's Dated (USD/bbl)

80
70
60
50
40
30
20
10
0
20-Jan-21
10-Feb-21
03-Mar-21
24-Mar-21
13-Apr-21
04-May-21
25-May-21
15-Jun-21
02-Jan-20
23-Jan-20
13-Feb-20
05-Mar-20
26-Mar-20
17-Apr-20
08-May-20
01-Jun-20
22-Jun-20
13-Jul-20
03-Aug-20
24-Aug-20
14-Sep-20
05-Oct-20
26-Oct-20
16-Nov-20
07-Dec-20
29-Dec-20
01-Apr-19
23-Apr-19
14-May-19
04-Jun-19
25-Jun-19
16-Jul-19
06-Aug-19
27-Aug-19
17-Sep-19
08-Oct-19
29-Oct-19
19-Nov-19
10-Dec-19

The Brent-Dubai differential traded in a wide range of against an average premium of USD 0.7 per barrel in the
premium and discount, moving on both the sides on previous year. Trading in discount for most part of the
almost equivalent number of occasions during the year year till December 2020, the Brent crude has mostly been
2020-21. The Brent crude averaged at a discount of USD trading at a premium to the Dubai crude since January
0.1 per barrel to the Dubai crude during the year, as 2021.
Brent-Dubai Differential (USD/bbl)

6
4
2
0
-2
-4
-6
-8
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
The product prices too witnessed extreme volatility (HSD) (Diesel) averaged at around USD 50 per barrel as
during the year 2020-21, registering a decline as against USD 74 per barrel in the previous year. The
compared to the previous year. The Motor Spirit (MS) average prices of Naphtha and Jet Fuel / Kerosene (SKO)
(Unleaded Singapore Platts) (Petrol) prices averaged at were around USD 44 per barrel and USD 46 per barrel as
around USD 48 per barrel, as against USD 67 per barrel in against USD 55 per barrel and USD 73 per barrel,
the previous year while the prices of High Speed Diesel respectively in the previous year.
Product Prices (USD/bbl)

90
80
70
60
50
40
30
20
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
Petrol Naphtha Jet / Kero Diesel

Average Product Prices (USD/bbl) Jet/Kero Cracks (USD/bbl)
100
20
80
60 10
40
20
0
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
0
Petrol Naphtha Jet/Kero Diesel -10
2017-18 2018-19 2019-20 2020-21 2020-21 2019-20 2018-19
The disruption in economic activity had the international

product cracks register a sharp decline in the initial period Naphtha Cracks (USD/bbl)
of the year 2020-21 which improved subsequently with 5
the resumption in activity and restoration of demand- 0
supply balance. The average cracks of MS for the year
-5
stood at around USD 3 per barrel as against USD 6.7 per
barrel in the previous year, while HSD cracks averaged at -10
USD 5.7 per barrel as against USD 14.1 per barrel in the -15
previous year registering a decline of 55 % and 60%, Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
respectively. The Jet Fuel/Kero cracks declined sharply 2020-21 2019-20 2018-19
owing to severe interruption in air travel and averaged at
USD 1.2 per barrel as against USD 12.6 per barrel in the
previous year, a massive 90% decline. However, Naphtha Although the oil and gas industry has seen many ups and
cracks were better at negative USD 0.9 per barrel as downs in the past, the present crisis appears unparalleled
against negative USD 5.5 per barrel in the previous year and seems to have altered many dimensions - whether it
owing to buoyant demand from petrochemicals sector. is consumer demand and behavior patterns, the pace of
transition, the economics of the industry or the contours
of the oil market dominance. While the pandemic has
Petrol Cracks (USD/bbl) painted a challenging outlook for the industry and
15 prompted investment cuts and capacity moderations, the
receding capex cycle may pose risk of a future wedge if
10
demand turns out to be robust post COVID. However,
5 with uncertainty galore, it is difficult to crystal gaze and
0 better to await the restoration of stability and emergence
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar of definitive trends in times to come. The accelerating
-5
rollout of vaccinations and extensive fiscal responses by
2020-21 2019-20 2018-19 many economies have bolstered the outlook for high
economic growth and increased energy demand in the
near future.
Diesel Cracks (USD/bbl)
Indian Petroleum Sector
20
One of the biggest revenue generators and a major
15
influencer of policy decisions in the country, the oil and
10
gas sector has been abuzz with activity, during these
5 trying times. The industry kept the wheels of the economy
0 running and contributed immensely in the war against the
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar pandemic, whether in terms of ensuring uninterrupted
2020-21 2019-20 2018-19

supplies during lockdowns, contributing towards mainly, due to dwindling output from matured fields and
healthcare and crisis management or adding to the operational issues in some of the fields, declined further
government finances, thereby supporting the recovery during the year 2020-21 due to pandemic caused
efforts. interruptions. The production during the year fell by
around 5.2% to 30.5 MMT as against 32.2 MMT in the
India being an import dependent country (around 85% of
previous year.
crude oil requirement is imported), the subdued crude oil
price regime during 2020-21 augured well for the Indian Over the years, India has emerged as a refining hub and a
economy, enabling effective management of the balance net exporter of petroleum products by virtue of
of payment situation and monetary and fiscal position. significant investments made in capacity augmentation
However, the pandemic induced shutdowns and and upgradation of refineries. The country’s refining
disruption in economic activity caused a significant capacity stood at 249.9 MMT as of 01st April 2021, with
decline in the demand of petroleum products with the 65% of the capacity being held by PSU refiners and their
consumption dropping to 194.6 MMT during the year group companies. While the crude processing has been
2020-21 as against 214.1 MMT in the previous year, a surpassing the installed capacity since past many years,
reduction of 9.1%. Likewise, the consumption of natural the pandemic related disruption during 2020-21 has
gas also declined around 5.5% over the previous year. restricted the refinery capacity utilization to 88.8% as the
country processed 221.8 MMT of crude during the year
The sharp reduction in international crude oil prices
as against 254.4 MMT in the previous year. The country
coupled with the decline in crude oil imports, partially
processed 72.8% high Sulphur crude during the year.
offset by the depreciation in INR against the USD,
ensured reduction in crude oil import bill to USD 62.7 Refining Capacity & Crude Oil
billion during the year 2020-21 as against USD 101.4 Processing (MMTPA)
billion in the previous year, a staggering 38% decline. 260
249.4 249.9 249.9
247.6
While, the country imported around 198.1 MMT of crude
240 234
oil during the year, as against 227.0 MMT in the previous
year, the price of the Indian basket of crude oil averaged at
220
a significant low of around USD 45 per barrel as against
USD 61 per barrel in the previous year, registering a 200
decline of around 26%. However, the Indian Rupee 2016-17 2017-18 2018-19 2019-20 2020-21
averaged at INR 74.21 per USD in year 2020-21 as Refining Capacity Crude Oil Processing
against INR 70.89 per USD in the previous year, a
The pandemic related upheaval had the consumption of
depreciation of 4.7%.
petroleum products in the country decline by 9.1%
Crude Imports during the year 2020-21 to 194.6 MMT as against at
214.1 MMT in the previous year. Diesel, the largest
Exch Rate & Indian Crude Basket
250 80
200
70 constituent in the petroleum product basket at 37%
60
witnessed a de-growth of 12% during the year, while
Volume & Value
150 50
100
40
Petrol which constituted 14% registered a de-growth of
30
50
20 6.7%. After major setback during the first half of the year
10
- -
2020-21, the demand gradually recovered as economic
2016-17 2017-18 2018-19 2019-20 2020-21
activity resumed, with petrol recording growth in some of
Volume MMT Value USD bn the months, however, diesel demand continued to remain
Exchange Rate INR/USD Indian Crude Basket USD/bbl
subdued. Jet Fuel, though constituting only 2% in the
The country’s crude oil production (around 15% of the basket, registered the highest de-growth of 53.8% during
country’s annual crude requirements), which has year as aviation sector was the worst affected by the
continuously been declining since the past few years pandemic. However, LPG defied the trend and registered
a growth of 4.9% during the year as provision of free

refills to PMUY beneficiaries and lockdown necessitated and demand perspective, a geopolitical perspective and a
home confinement and drove up LPG consumption. climate policy perspective.
CONSUMPTION OF PETROLEUM PRODUCTS As the world battles the COVID 19 pandemic,

expectations of a strong rebound and a comprehensive
Others, 15.4%
rebuilding, post crisis, to undo the damage inflicted on
ATF, 1.9% the global economy have created hopes for a strong and
Diesel, 37.4%
Naptha, 7.3% sustainable economic growth. This is likely to generate
robust demand, for all commodities including Oil and
Petcoke, 9.4% Gas. A glimpse of the same was visible upon the
reopening of economies post the initial wave of the
LPG, 14.2%
pandemic. India is expected to recover stronger and
Petrol, 14.4% faster, given the scale up of the vaccination drive, pick up
in government spending and consumer demand, and
With its vision set towards becoming a Gas based increase in investments with impetus on making India
economy, India has taken definitive steps in creation of self-reliant and a global manufacturing hub. This
infrastructure and proliferation and promotion of gas as a presents a significant opportunity for the oil and gas
cleaner alternative. Significant work is being done in the sector to partake in the growth and development of the
direction of “One Nation, One Gas Grid”; setting up of country.
LNG/CNG stations, pipelines, import and regasification
However, the course of pandemic needs to be closely
terminals; and rapid expansion of City Gas Distribution
tracked and tackled to avoid any perineal impact to the
network across the country. The increasing adoption of
economy. The uncertainty surrounding the pandemic as
natural gas and increase in its consumption over the
is experienced in the massive subsequent waves is scary
years bears testimony to the massive efforts gone in this
and unsettling. With threat of significant downside risks,
direction.
this would require an agile, collaborative, measured and
Indian oil and gas sector has witnessed multiple reforms extraordinary response mechanism by all the economies
and developmental initiatives in the past few years which to deal with the dynamic situation. For the domestic oil
have been bolstering its position, expanding its reach and and gas industry, further destruction in demand,
extent, enhancing its competitiveness, fostering its downward pressures on crude oil and product cracks and
greener drive and making it future ready in fueling the currency shocks are major dampeners. Besides, the
growth of the nation. The country is not only progressing pandemic has caused some long lasting changes in
well towards realizing its Energy Vision but also creating consumer behavior like the increasing adoption of Work-
newer benchmarks and adopting higher targets while from-Home culture and a growing aversion to travel,
pursuing cleaner energy objectives and diversifying the particularly air travel and shared mobility, posing threat
energy sources. for the oil industry. While, at the same time, inclination
Opportunities and Threats towards personal mobility is increasing prospects for
relevant motor fuels. In such a scenario, companies need
Energy is not only an existential need for mankind but is to explore avenues for diversification, resource
also, one of the reasons behind human advancement. optimization and efficiency improvement and bring about
Among its various sources, Oil and Gas play a significant a staunch cost focus to support their bottom-line.
role in fueling the energy needs of the world and the
affordable, reliable supplies of these fuels are integral The current crisis has discouraged investments in the oil
parts of a vision of the future. Even when cleaner and gas sector due to financial setbacks faced by the
alternatives are being increasingly adopted, a growing companies as well as expectations of prolonged subdued
demand and depressed prices. However, in case the post
global population and an expanding global economy
COVID recovery is stronger than expected, the industry
reassures of a continuing demand for Oil and Gas and its
runs the threat of underinvestment in catching up with
noteworthy contribution in the energy basket. Surely
the demand due to long capex cycles. This may put
though, the world is changing dramatically from a supply
upward pressure on prices, if not handled effectively in

time. Exercising rigorous capital discipline, the sector full steam, in its commitment of becoming a gas based
needs to develop or re-develop capacities to keep in-step economy and is making requisite investments in the
with demand, as well as, invest in research and creation of infrastructure like, pipeline network, import
development and deploy cutting edge technologies to capacities, regasification terminals, LNG/L-CNG/CNG
enhance efficiency while lowering emissions. stations and City Gas Distribution networks to meet
Energy Transition poses both – a threat as well as an growing gas demand in the country. While the country
opportunity for the Oil and Gas Industry. With the world has made certain progress, swift expansion of gas
moving decisively towards a low carbon future, a decline infrastructure, provision of affordable supply &
in the demand for oil is imminent, sooner or later, incentivisation of switchover to gas shall be the key to
impacting the prospects and profitability of the industry. unlock the gas demand in India. Oil companies are best
However, the current pandemic situation is talked about placed to leverage this opportunity and enhance gas foot
to delay the peak of oil due to factors like interim relief in print through organic and inorganic routes.
climatic concerns upon reduction in CO2 emissions, a A major factor influencing oil demand, is its growing use
subdued oil price regime, financial constraints faced by as a feedstock in the petrochemical sector. Despite an
the governments hindering subsidy support for energy anticipated rise in recycling rates, the demand for plastics
transition and a strong demand expected from the is expected to grow, especially in developing economies.
petrochemicals sector. Besides, rising incomes in India’s petrochemicals consumption is almost one-
emerging market and developing economies create fourth of the world and is projected to rise significantly,
strong underlying demand for mobility, offsetting with expectations of high economic growth and
reductions in oil use elsewhere. India is likely to increasing prosperity in the country as well as rising use
experience strong demand for oil longer than the in healthcare applications due to the pandemic.
developed world, however, keeping pace with the global Companies in the oil and gas sector have increased their
trends, India too has set ambitious targets in enhancing focus towards Oil to Chemical processes to capitalize on
the capacity and usage of alternate fuels like gas, biofuels, the opportunity and create a hedge in their product
nuclear energy, electrification of mobility, and renewable portfolio besides increasing the profitability.
sources of energy, particularly solar and wind. The
Amongst other things, the COVID 19 pandemic has, in a
alternate fuels and renewables space present significant
very short time, drastically changed the way in which
diversification opportunities for the domestic oil
people interact and companies do business. And the one
companies which need to keenly watch the developments
thing which has enabled this transformation and armored
and plan their strategies ahead of the curve in order to
mankind’s response to the crisis, is Digitalization. The
become integrated energy players.
world has moved at an accelerated pace in proliferation of
India’s energy strategy envisages a crucial role for digitalization across all activities and interfaces and
biofuels in the energy basket. The Government of India increasingly gaining comfort with the same. The Oil and
has proposed higher blending of ethanol in petrol & Gas industry, conventionally a laggard, has been scaling
diesel and introduced multiple initiatives to increase up the adoption of digital technologies, having realized
indigenous production of biofuels in order to address the need to reduce physical contact at all touch points,
environmental concerns, achieve import substitution and enhance efficiency, optimize resources and effectively
reduce carbon footprint. Oil Marketing companies have interact with customers. Digitalization can help oil and
been supporting the initiative whole-heartedly and are gas companies maximize value from existing assets,
committed to step up towards biofuels. However, sparse enable efficient asset creation, increase operational
feedstock availability, weak supply chains, under- efficiency, strengthen the supply chains, enhance
developed technology particularly for second generation predictability in upstream assets, redefine customer
biofuels, higher production costs and non- experience, gather intelligent information through data
competitiveness with oil prices are key challenges in analytics and reduce unplanned shutdowns/
ensuring feasibility and sustainability of biofuels in India. breakdowns. Besides, a robust technical infrastructure
Natural Gas offers a cleaner option to oil and coal and is with end-to-end digitalization of processes, goes a long
the most popular alternative fuel source. India is going way in safeguarding productivity during disastrous
events.

Risks, Concerns and Outlook major producers. Still, with some more time before the oil
demand bounces back to pre-COVID levels, oil prices are
The outbreak of pandemic had the commercial activity
expected to remain within reasonable limits.
topsy-turvy, entailing significant economic costs. While
the world has intensified its recovery efforts after the Though the crude prices have rebounded to almost pre-
initial set back, the subsequent waves of COVID being COVID levels, the product cracks are still subdued,
experienced by multiple countries including India, and especially for Jet Kero and HSD, leading to pressures on
with the various mutations of the virus, it seems that the refiner’s margin. Further, with underutilization of capacity
pandemic is far from over, and its pathway looks and loss of sales due to decline in demand, companies
uncertain. Renewed shutdowns and curtailment of face liquidity and profitability pressures which may
activity in certain geographies has deepened the crisis extend into later periods in case of renewed lockdowns
and threatened to undo the recovery efforts. And a highly and economic disruption on account of subsequent
interconnected world is conducive of easy spillover of the waves. Globally, the changes in customer behavior and
crisis. Negative surprises on the pandemic position, pose demand patterns and recurring pandemic activity in
a significant risk to the world economic situation, with the various geographies signify a subdued scenario for
severest of impacts inflicted on the vulnerable economies product cracks at least in the year ahead. Besides,
and classes. This might lead to further increase in poverty domestic refineries are facing a peculiar product slate
and inequality, endangering peace and the law and order related problem with demand for MS and LPG increasing
situation. However, in the event that rapid inoculation is while HSD and ATF witnessing a de-growth. The
achieved, governments continue to extend policy support depressing outlook has also hampered new investments
and international cooperation is extensively leveraged, in the sector. In such a scenario, companies will have to
there is a profound possibility of containing the pandemic seek ways to optimize cost, enhance operational
in time and reposition the global economy back on a efficiency and effectively manage inventories besides re-
secular and sustainable recovery path. Nevertheless, evaluating investment decisions and exploring
with the immediate concerns to contain the spread of the diversification opportunities.
virus and catalyze the economic activity, the long term
Possibilities of Rupee depreciation adds to the concern,
impact of the crisis is yet to manifest and it will take some
as it directly affects the crude procurement cost. The
time before restoration of normalcy. India too, is in a
massive fiscal spending and substantial monetary easing
confounding situation, relentlessly trying to meet two
by the major economies had been instrumental in driving
ends – keeping its economic engine roaring while also
global economic recovery. As expectations of a stronger
controlling the subsequent waves of the pandemic. Any
economic recovery have gained ground, inflation has
severity on the pandemic front necessitating extensive
been rising, fueling concerns of reversal of quantitative
lockdown will be detrimental to recovery efforts and pose
easing and raising of interest rates sooner rather than
unimaginable challenges for the economy and the
later. The rise in bond yields globally, including India, is a
industry.
live example of growing inflationary expectations. This
The year 2020-21 was amongst the most volatile years has given rise to the possibility of triggering capital
for the international crude oil prices, which crashed to outflows and currency depreciation in many emerging
unprecedented levels in the initial period and market economies. With the country heavily dependent
subsequently recovered as economic activity resumed on crude oil imports, depreciation in the INR increases
and production discipline by OPEC+ nations kicked in. the import bill and unsettles the balance of payment
For a country like India, which is predominantly import situation while putting inflationary pressures on the
dependent, surge in crude oil prices adversely affects the economy. However, the RBI has been closely monitoring
current account deficit and hurts economic growth. the situation and taking necessary steps to manage the
Besides, for the oil companies, it entails the risk of losing situation in the most efficient manner.
pricing power and consequent constrains on profitability.
India imports more than 60% of its crude oil
While the oil producing nations are expected to gradually
requirements from the Middle East which is a major oil
enhance production in line with the recovery of the global
producer globally and a significant influencer of prices in
economy, uncertainty in the oil markets is a harsh reality
the international markets. However, the region had been
with no signs of waning. The current run up in the prices
experiencing geopolitical tensions and instability in the
has kept the markets guessing about the strategies of

recent past. This creates uncertainty around availability bound forward planning is required even in the prevailing
of crude and risk of unfavorable price movements in case uncertain and volatile market conditions. Rapid
of adverse events. Also, it has direct implication on lead infrastructure expansion will help India achieve its energy
time, freight rates and insurance premium which can development objectives which include becoming a gas-
drive the landed cost of crude northwards. To mitigate the based economy and increase the share of alternate fuels
risk, India has been working on diversifying its crude oil in the energy mix.
supply sources based on strategic and economic
India is poised to re-gain its position as the fastest
considerations and will continue to explore and exploit
growing major economy in the world, once the pandemic
various opportunities and geographies.
scare abates. The country has exhibited its resolve to be a
Health, Safety, Security and Environment remains the growth leader, through a plethora of reforms
topmost priority and a major concern for the society and implemented over the years. With the objective of
businesses, particularly, in the backdrop of COVID-19 promoting economic recovery and emerging out of the
pandemic. A healthy workforce, safe operations and crisis, the country has implemented numerous initiatives
sound equipment health is crucial to the survival and and extended various incentives. The thrust on making
progress of the business. Simultaneously, businesses India Self Reliant and promoting domestic
are obligated to conduct their operations in a socially and manufacturing which can cater for the country as well as
environmentally responsible manner and contribute the world has opened multiple opportunities for the
towards sustainability. The standards of safety and country. The timely percolation of reforms to the targeted
protocols of disaster management have undergone a beneficiaries like small businesses, unorganized sector;
paradigm shift due to the pandemic and need to be a recovery in consumer and business confidence;
redesigned and customized to effectively tackle the newly improvement in investment climate and creation of
posed threat. Any unfavorable development on the employment opportunities for both rural and urban
pandemic front may cause severe manpower crunch and population shall ensure a broad based and sustainable
endanger the operations. While adequacy of laid down economic growth and development. As per the need of
processes and systems is a necessity to ensure safe the hour, the priorities include containing the pandemic
operations, professional training and continuous and preventing subsequent severities, creating a robust
education to all the employees and stakeholders is a must healthcare and crisis response system and continuing
to develop the safety culture and be in a state of readiness with the reforms and policy support.
to confront any peril. Further, with technology and
As the country navigates through tough times, the energy
connectivity being all pervasive and increasingly used in
sector’s role becomes all the more important in
business activities, cyber threats create risk of financial
supporting crisis management efforts and fostering
losses, damage to reputation and supply chain
economic growth. BPCL is diligently monitoring the
interruptions. Cyber Security plays a very important role
evolving situation and changes in the energy landscape
in ensuring safety & integrity of data, information and
for effectively managing and mitigating the risks, dealing
financial transactions.
with the threats, building required competencies,
Creating a robust infrastructure, well in time, is a major creating requisite structures and identifying profitable
concern if the country were to realize its economic and opportunities for sustainable growth. The company is
energy aspirations. The country needs to rapidly taking all necessary actions and making strategic
augment the infrastructure to reduce inefficiencies, interventions towards enhancing its footprint across the
maximize potential, catalyze economic growth and meet value chain and becoming future ready. With rich
the growing energy demands in the country. With the oil experience, strong physical and financial position, robust
and gas sector expected to continue as a significant systems and processes, a progressive culture, visionary
constituent in the energy basket, a focused and cohesive management, excellent corporate governance,
approach is needed to develop roads, ports, pipelines, innovative mindset and energized workforce, the
terminals, City Gas Distribution and storage and company is fully equipped to overcome all challenges
distribution infrastructure along with calibrated addition and evolve into a well-diversified global energy company.
in the refining capacity and expansion in domestic Further, the imminent change in the ownership of the
upstream assets. Since projects in Oil & Gas Industry are Company is expected to unlock tremendous value for all
capital intensive and have a high gestation period, time the stakeholders.

PERFORMANCE quality in mind, the Centralized Quality Control Lab of
Kochi Refinery indigenously developed hand sanitizer
REFINERIES
‘Aroma’ for employees, which helped to tide over the
The year 2020-21 was like no other. Oil & Gas sector pressing need for sanitizers.
across the world have been hit very hard by the COVID-19
Various Digital initiatives were taken up by BPCL
pandemic. As oil prices crashed and demand for
Refineries in the areas of Internet of Things (IoT),
transportation & commercial fuels declined, while that for
Machine Learning, Cyber security, and Virtual Reality
medical and personal care products soared, parts of the
across different functional areas. For the first time ever,
fuel and petrochemical industry found new opportunities
Digital solution for Refinery Wide Optimization was
while others struggled. With optimized crude oil mix and
maximization of unit intakes, Refineries demonstrated implemented which features deployment of digital twins,
their constant endeavor to maximize value added integration of the data silos across the process units and
products and met market demand. With margins in-house robotic process automation for real time
under pressure, reliability improvement, operational optimization. Other initiatives like deployment of Real-
availability, and increasing energy efficiency remained as wear hands free devices, GUMPS (Guided Ultrasonic
the top objectives for Refiners along with cost Monitoring Pipelines System) model and Optical
optimization. BPCL achieved a weighted average Gross Character Recognition (OCR) were carried out in the
Refiners Margin (GRM) for the year 2020-21 at USD 4.06 Refineries to enhance safety and productivity.
per barrel (` 5,861 crore) as compared to USD 2.5 per With focused efforts towards energy conservation,
barrel (` 4,182 crore) realized in the year 2019-20. Specific Energy Consumption (SEC) of 66.9 MBN
While Refineries were facing cyclical challenges, the (MMBTU/BBL/NRGF) (Million British Thermal Unit per
pandemic situation has perpetrated many changes which Thousand Barrels per Energy Factor) was achieved
are both structural and disruptive in nature. However, during the year 2020-21 at BPCL Refineries. Kochi
with concerted efforts, BPCL achieved refinery Refinery (KR) implemented 14 Nos. of Energy
throughput of 26.4 MMT for 2020-21 by continuously Conservation Schemes, having the potential savings of
analyzing crude procurement and market demand. 37,480 MTOEs (Million Tonnes of Oil Equivalent)/Year
and reduction of CO2 emission by 1,18,384 MT/Year.
Further, utilizing the low demand periods, BPCL Mumbai Refinery (MR) implemented 18 Nos. of Energy
Refineries effectively managed digitally enabled Conservation Schemes, having the potential savings of
turnaround of process units and catalyst change in the 6,694 MTOEs/Year & reduction of CO2 emission by
secondary processing units. 21,086 MT/Year. Refineries energy management system
As a strong hedge against future uncertainties around was upgraded from ISO 50001:2011 to ISO 50001:2018.
fuels, BPCL successfully commissioned Acrylic acid As a part of its Integrated Management System, BPCL
and Oxo-alcohol unit under Propylene Derivatives Refineries have been accredited with ISO 9001:2015,
Petrochemicals Project (PDPP) at Kochi Refinery, which ISO 14001:2015 and ISO 45001:2018 standards for
are predominantly being imported now. With the Quality, Environment & Occupational Health and Safety
commissioning of the PDPP complex, BPCL joins the Management Systems. With high commitment towards
world leaders in the niche petrochemical segment. safety, on 31st March 2021, KR achieved 69.90 million
During the year 2020-21, BPCL achieved an important man hours and MR achieved 5.69 million man hours
milestone in strengthening its import infrastructure by without Lost Time Accident (LTA). Various initiatives
the construction of JD-5, at Marine Oil Terminal (MOT) at were undertaken to inculcate safety culture, incorporate
Jawahar Dweep, jointly owned with Mumbai Port Trust safe practices, create awareness and impart safety
(MbPT) and Hindustan Petroleum Corporation Ltd trainings to contractor personnel working inside
(HPCL) and operated by MbPT. JD-5 has been Refineries.
commissioned in January 2021 and permits berthing of a Quality Assurance laboratories in Refineries are
fully loaded Suez-max vessel, thus significantly equipped with state-of-the-art facilities and adhere to
controlling shipping freight costs. highest quality standards by meeting latest standards of
During the initial period of pandemic in the country, there ISO/IEC 17025:2017 and accredited to National
was an acute demand for sanitizers. Bearing time and Accreditation Board for Testing and Calibration

Laboratories (NABL). Laboratories are also certified by Diesel (HSD) sales volumes stood at 16.4 MMT as
external certifying agencies like Directorate General of against 18.4 MMT in the previous year, witnessing lowest
Civil Aviation (DGCA), Directorate General of Aeronautical negative growth of 10.7% amongst PSUs. With Urban
Quality Assurance (DGAQA) and Centre for Military markets being the worst impacted, alternate fuels too
Airworthiness Certification (CEMILAC), etc. Quality witnessed sharp decline and BPCL recorded a negative
Control maintained its excellent performance in the growth of 17.4% on the sale of Compressed Natural Gas
International Laboratory Proficiency Testing Scheme run (CNG) with a volume of 393 TMT.
by M/s. ASTM International, USA with a score of 99.9%.
Customer convenience and personalization remained
State-of-the-art testing instruments were installed and
BPCL’s focus area and accordingly, BPCL was extensively
commissioned for testing PDPP samples at Kochi
engaged with customers and took various initiatives
Refinery.
across segments to remain preferred choice for
As a part of continuous learning and to sustain high customers. Additionally, BPCL continued focus on
energy and enthusiasm levels during the lockdown network expansion in unrepresented markets to capture
period, BPCL Refineries launched “Online Learning growth potential. This strategic theme of customer focus
Session” through Microsoft Teams platform and in- and network expansion helped Retail Business to gain
house video learning portal were made available to impart market share among PSUs.
learning and technical skill upgradation. For building
During the year, 2,444 New Retail Outlets (NROs) were
capabilities in core technical knowledge, various
commissioned, which are highest ever in any financial
e-learning modules, which catered to trades such as
year, taking the total number of Retail Outlets (ROs) to
electrical, mechanical, instrumentation, etc. were
18,637 as on 31st March 2021, making BPCL the 2nd
introduced and enrolled by 350 Refinery employees.
largest company with fuel retailing network in India. It
RETAIL further strengthened its presence in highly strategic
markets and highways by commissioning 12 Company
The year 2020-21 witnessed an unprecedented demand
Owned Company Operated Outlets (COCOs) and 3 One
destruction across industries led by COVID-19 driven
Stop Trucker Shops (OSTSs). While expanding network,
lockdown; the Oil and Gas industry being no exception.
focus also remained on leveraging existing assets and
While demand shrunk across segments, the impact was
accordingly, during the year, 186 ROs have been revived
more pronounced in the manufacturing, construction
through intense follow-ups and engagement with
and contact-based service sectors. However, as the
stakeholders.
restrictions were eased out, inter and intra state
movements resumed, improving the much hurt Building on Pure For Sure (PFS) initiative, BPCL launched
manufacturing and commercial activities giving impetus ‘NextGen’ PFS at 530 outlets across six markets to offer a
to demand. Oil demand for transportation fuels unique experience to valued customers. NextGen PFS
rebounded quickly experiencing almost a “V” shape offers highest standards of Quality & Quantity (Q&Q)
recovery. With this quick rebound, second half of the year delivered through technology, fostering trust with
2020-21 witnessed normal demand and industry transparency. The Integrated Payment System
witnessed a growth of 3.9%. implemented through the next level automation ensures
that customers are digitally billed for the exact quantity
Indian Petroleum retailing, in the year 2020-21 witnessed
that they fill, each time. These attributes, with new service
a negative growth of 9.8%, whereas the Public Sector
standards, ensure that customers experience the
Undertakings (PSUs) registered negative growth of
convenience of a smooth fueling journey from ingress to
10.3%. The market share of PSUs in Indian Petroleum
egress.
retail dropped from 90.1% to 89.6%.
To leverage the transition of liquid fuel to gaseous fuel,
During the year 2020-21, BPCL’s Retail Business
BPCL expanded CNG network by adding facilities at 198
registered total market sales of 24.19 MMT with negative
ROs and continued engaging with various City Gas
growth of 10.3%, as against PSU Oil Marketing
Distribution (CGD) companies to make CNG available. In
Companies (OMCs) negative growth of 10.4%. The sales
addition to this, BPCL identified 12 outlets on National
volume of Motor Spirit (MS) stood at 7.2 MMT, lower by
Highways for providing LNG as transportation fuel to
7.8% as compared to the previous year. High Speed
long distance trucking segment.

BPCL has continuously focused on enhancing its product Automation, first among PSUs at around 14,000 ROs
portfolio. It made new generation lubricants and Diesel duly integrated with loyalty platform. Auto RSP has now
Exhaust Fluid (DEF) available at outlets, offering one stop been fully stabilized at 98% ROs, delivering trust to
solution to customers on the go. The Company’s Battery customers.
Swapping initiative E-Drive, witnessed major challenge
With objective to offer superior experience to customers,
due to reduced need of last mile connectivity at Metro
BPCL continuously upgraded digital offerings like
Stations due to COVID-19. BPCL is now working with
SmartFleet, SmartDrive, Web interface, etc. and added
alliance partners and IIT, Madras to revive the battery
co-branded solutions with partners for enhanced
swapping model in those cities.
traction. The Quick Oil Change promotion campaigns
With a quest to offer bouquet of value added services, across 5,569 ROs offered convenience of oil change to 2
BPCL scaled up various non-fuel initiatives through retail wheeler customers.
channel. These services are suitably customized to suit
Under door to door HSD delivery initiative, BPCL
the varied needs of different customer segments from
commissioned 305 “FuelKart” during the year, taking the
Rural, Urban and Highway, differentiating BPCL at market
total count to 423. FuelKart is BPCL’s proposition for
place. Umang offerings are now available at 7,700 ROs,
doorstep diesel delivery through select dealerships.
providing Business Correspondent (BC) services in
Further, under the aegis of the MoP&NG, for promoting
collaboration with strategic partner M/s. Fino Payment
Startup ecosystem, OMCs have registered startups as
Services, which includes Aadhaar Enabled Payment
“FuelEnts” for door to door delivery of diesel in their
System (AePS), Micro ATMs, Domestic Money Transfer,
licensed mobile dispensers from BPCL’s supply
Cash Management System (CMS) and G2G and G2C
locations or from such retail outlets, which are licensed
services like bill payments, etc. During the year, BPCL
for the said purpose. During the year, six such FuelEnts
achieved highest Gross Merchandise Value (GMV) of
have been commissioned.
` 5,300 crore.
In its quest to digitize the Retail engineering ecosystem
In the customer convenience space, BPCL further
and build unique capabilities for enhanced business
strengthened offerings with the launch of 139 In & Out
results, BPCL successfully deployed tech-enabled
Zip stores primarily targeting small town and rural
governance protocols at Forecourt through cloud based
markets in addition to existing network of 120 In & Out
interlocks in more than 8,000 ROs. The Company has
stores in the urban markets. For the highway customers,
further strengthened Safety protocols through Online
BPCL launched a comprehensive Food court-cum-
Safety Inspection and Work Permit application to ensure
Highway Amenities proposition in OSTSs, branded as
governance and system integrity at all times.
Cube Stop, in association with M/s. HADPL. The first two
such propositions have been commissioned in BP-Hosur BPCL has ensured compliance to Corporate Safety
and BP-Chikballapur. Management Framework (CSMF) for ensuring highest
level of Safety Standards at all locations. BPCL also
To cater to the highly strategic markets, BPCL has 324
expanded Integrated Management System (IMS) at all
COCO outlets, where the customer experiences superior
operating locations. Comprehensive Audits, Governance
service levels at all times and a wide array of value added
Audits and Interlock Assessment Audits were conducted
services. The signature brand of COCO outlets on
extensively to check the robustness of processes. To
highways, the OSTSs, are strategically positioned on
improve the operational efficiency of supply locations,
major highways to give transporters and drivers an
Retail Auto Invoice System (RAIS) was implemented in
experience of ‘a home away from home’.
72 locations with upgraded features. The Company also
BPCL strongly believes that in today’s disruptive world, implemented Electro Mechanical locks (EM) across
technological advancement and digital transformation supply locations, these EM fitted Tank Lorries now
are emerging as compelling needs to enhance customer deliver 81% of throughput.
experience and operational efficiencies. Accordingly,
With objective to enhance self-reliance, BPCL was
BPCL introduced Wireless Forecourt Controller (WFCC),
actively engaged with all stakeholders including the
Android based EDC terminal, Integrated Payment
sugar industry, to secure maximum quantum of ethanol
solution (IPS) and unique Cloud architecture in

for Ethanol Blended Petrol (EBP) program. BPCL as delivery of products and services, with constant
industry coordinator achieved highest ever blending improvement in process and efficiency, paid rich
percentage of 5.8% and this coupled with other initiatives dividends in terms of business performance.
being taken under the guidance of MoP&NG would
The business sustained its strategies related to
facilitate the Company to reach 10% blending in select
profitability with a delicate 'Volume-Value' balance. Focus
states next year.
on appropriate pricing interventions, sales of high margin
Overall, BPCL Retail Business remained as the front products, growth in refinery economic zones, scanning
runner among its peers delivering superior and value driven market opportunities and optimizing the
differentiated services with efficient operations and logistic costs yielded highly positive results. Forging long
offering digitally enabled solutions for customer term tie-ups with major corporates has been a
convenience. cornerstone of the business strategy. During the year
2020-21, 54 Memorandums of Understanding (MoUs)
In times to come, the competition in the petroleum retail
were put in place to sustain volumes across various
business is expected to get more intense, with new
segments of business.
players vying for a share of the fuel retailing pie,
particularly in the rural areas. BPCL, being a front-runner With a clear focus on HSD as a growth driver, I&C
is ready with strategies for the future and a wide array of achieved sales of 1,068 TMT despite serious challenges
value pools in retail business that will bring immense in the first half of the year. With the strategic focus on
returns to the Company and the shareholders. Bharat transportation segment, I&C bagged 6 new Railway
Petroleum’s core capabilities, experience and reputation Consumer Depots and won new business volumes from
will prove to be a big positive. The Company is known for various State Road Transport Corporations. Besides,
setting new benchmarks in the fuel retailing business, HFHSD business for a volume of 160 TKL over 3 years
and will continue doing the same with appropriate was bagged from ONGC for their offshore drilling
strategies, new capabilities and innovative offerings, activities. Further, 50 Consumer Pumps were
creating value for all stakeholders. commissioned to cater to various sectors like mining,
industrial, State Transport Units (STU) and Defense.
INDUSTRIAL AND COMMERCIAL (I&C)
Continuing with the successful business model of third
Industrial development is directly linked to economic
party sourcing, Bitumen was sourced at 7 port locations
growth and stability of the country and BPCL is always at
to meet the growing demand in the infrastructure sector.
the forefront of fueling country's industrial and
During the year 2020-21, I&C added specialty Bitumen
commercial establishments. The year 2020-21 saw
emulsion grades to the portfolio. I&C SBU also traded
industrial and commercial activity in the country severely
imported Furnace Oil at Ennore and Kochi to serve
hit by the pandemic and the ensuing lockdowns. BPCL's
customers in the southern region.
I&C Strategic Business Unit (SBU) exhibited exemplary
resilience and continued to serve its customers Following the successful launch of Very Low Sulphur
throughout the challenging times. In an impressive Furnace Oil (VLSFO) meeting IMO 2020 specifications
bounce back from a negative growth of 40% and 35% at from Mumbai and Kochi Refineries, I&C SBU
the end of the first and second quarter of the year consolidated its business volumes and achieved a sales
respectively, the SBU recorded an overall negative of 170 TMT of VLSFO during the year. Supplies from the
growth of 16.7% for the year 2020-21 with sales of 5,146 state-of-the-art Marine Oil Terminal placed the business
TMT. The concerted efforts of the I&C SBU resulted in in an indomitable position in Mumbai.
achievement of an impressive 1.14% growth in the
I&C achieved the highest sales volumes in the last 10
market share of all products, except Pet coke and
years in Propylene, Naphtha and MTO, thus enhancing
Sulphur, thus taking the domestic market share of the
the domestic market share. Key business tie-ups were
SBU to 20.2% among PSU OMCs.
entered into for furthering volumes in these product lines.
In the most trying times, BPCL’s I&C business emerged After the seed marketing experience, I&C is in complete
as a growth leader with yet another year of high readiness to commence marketing of the entire range of
performance due to its customer-centric approach. The niche Petchem products ex-Kochi. Various tie-ups have
strategy of aligning business to customer expectations in been made with major consumers for the same.

As technological advancements and a number of digital Aurangabad (Maharashtra) on the Hub & Spoke model
initiatives continue to enhance the efficiency of internal for meeting requirements of CNG for automobile
processes, I&C is well poised to take a leap in this segment & PNG for domestic, industrial & commercial
direction through ‘Project Anubhav’, attaining new segment customers.
heights of customer delight.
Gas SBU is expanding BPCL’s CGD footprint. CGD
Despite the trying times, BPCL has enhanced its logistics projects in all 17 Geographical Areas (GAs) are
capabilities and achieved significant cost and freight progressing in fast track mode to fulfill commitments as
optimization, and equally important – a tremendous rise well as for early commercial operations. The total capital
in customer satisfaction. Similarly on the Technical expenditure incurred in BPCL and BGRL’s CGD projects
Services front, the team has taken upon itself to upskill during the year 2020-21 is approx. ` 450 crore.
and develop technical selling capabilities of every
CGD from Rohtak, Saharanpur and Ahmednagar-
member.
Aurangabad GAs started their commercial operations
With record performances on a number of fronts during during the year 2020-21, besides Rupnagar GA which
the year 2020-21, new opportunities beckon to propel was also commissioned last year. The project execution
BPCL’s I&C business to newer heights even in the most works for two high potential GAs, namely Satara-Sangli
challenging times. and Ahmednagar-Aurangabad, are in full swing and at an
advanced stage of commissioning. A total of 198 CNG
GAS
stations were commissioned during the year, out of
Natural Gas is among the cleanest fuels known. It not only which 42 stations were in the 17 GAs of the Company. On
reduces exhaust emissions, but also enhances engine the PNG front, approximately 26,300 domestic PNG
life. As BPCL continues its march towards becoming a connections were installed till the end of 2020-21.
green and clean company, Gas SBU is playing an
BPCL imports its LNG requirements through both long
increasingly important role in efficient and timely
term contracts as well as spot cargo imports. Gas SBU
sourcing of gas for internal requirement of BPCL
imported 20 cargoes on long term and 10 cargoes on
Refineries, requirement for BPCL’s Retail Business –
spot basis during the year 2020-21, to address the gas
essentially the City Gas Distribution (CGD) network
requirements.
involving Compressed Natural Gas (CNG) stations and
Piped Natural Gas (PNG) connections, and sale to It is also worthwhile to note that during the year 2020-21,
customers – particularly from the fertilizer, power, BPCL joined the ‘Indian Gas Exchange’ platform for
petrochemicals, glass and steel sectors. leveraging trading opportunities. This will enable the
Company to reach a wider spectrum of customers
Of the total quantity of 1900 TMT gas handled by Gas SBU
(including Micro, Small & Medium Enterprises [MSME]
during the year 2020-21, 966 TMT was supplied to
customers), thereby providing a deeper penetration into
Mumbai and Kochi Refinery, and 934 TMT to various
the Gas market.
customers in the fertilizer, power, petrochemicals, City
Gas Distribution (CGD), steel and other industries across Consequent to the decision of the Government of India to
the country. disinvest its entire shareholding in BPCL, the Board of
Directors of BPCL and BGRL approved the scheme of
With a focused approach towards increasing use of clean
amalgamation of BGRL with BPCL with a view to
fuels, Natural Gas consumption in BPCL Refineries has
streamline the corporate structure and enable
shown an increase of 9% owing to replacement of liquid
consolidation of assets and liabilities.
fuels in various processes. This has helped in lowering
the emission levels. LUBRICANTS
In the sale to industry/CGD sector, BPCL has recorded With over 35 established players in the lubricants
growth of over 19%, which is significant in the backdrop industry, India is the world’s 3rd largest growing market
of COVID-19 imposed lockdown across the country. with intensive competition. As per the Petroleum
During the year, BPCL enrolled two major fertilizer units in Planning & Analysis Cell (PPAC) report, the domestic
Gujarat and entered into long term agreements with high consumption of Lubricants was approximately 3539
volume customers. The Company’s first pilot project of L- TMT during the year 2020-21, and is expected to grow by
CNG station (small scale LNG) was commissioned near 2.2% in the year 2021-22.

Due to the pandemic, the year 2020-21 was fraught with significantly grow in the personal and commercial
cataclysmic upheavals, and like most organizations, mobility space, bolstered the Company’s footing further.
BPCL too faced myriad marketing and operational
Through its market penetration strategy, MAK Lubricants
challenges. Despite the adversities, MAK Lubricants
has consolidated its market presence in SAARC and
performed par excellence in the automotive and industrial
African countries and has become a significant force to
segments. Aggressive marketing and consumer
reckon with notwithstanding the challenge of intense
engagement was the lynchpin of MAK Lubricants competition.
performance in the marketplace, especially through retail
outlets, bazaar network, authorized service stations and LPG
industrial & institutional customers. Beyond the Today, LPG has become an integral part of millions of
domestic market, MAK Lubricants has widened its households in the country and continues to expand.
overseas market horizon and has earned brand Providing IT-enabled services to more than 8 Crore
recognition that is associated in the consumer mind households – a vast majority of them in the remotest
space with superior quality and reliability. The parts of the country, and ensuring the logistics and safety
extraordinary performance during the year 2020-21, of such a large marketing network, is a challenge BPCL is
stands corroborated by the gain in market share of 2.1% successfully dealing with.
among PSUs, with a total market share of 24.9% among
PSUs. BPCL gained the number one growth position in LPG
sales in the industry during the year 2020-21, with sales
With the guiding principles of ‘Innovation & Care’ being at of 7.3 MMT and growth of 6.2%. The overall market
the fulcrum of all customer-centric initiatives, such as share was 26.2% with a market share growth of 0.3%,
Quick Oil Change (QOC) machine, Lubricants Dispenser, the highest in the industry.
Rural-focused initiatives, product-specific campaigns,
With 89 new distributors added to the network during the
Digital Mobile App, etc., MAK Lubricants reaped a
year 2020-21, the total distributor strength has grown to
commanding lead in visibility, brand awareness and value
6,165. The network expansion has mainly been in the
addition in consumer perception. What’s more, a strong
rural areas, which will help reaching out to LPG
presence in social media further buttressed MAK’s
consumers under the Pradhan Mantri Ujjwala Yojana
desirability, which is conspicuous from the enrolment of
(PMUY) – a prime focus area of the Government which
more than 14 lakh customers in our MAK QUIK App.
aims to provide LPG connections to women belonging to
In light of the fact that retailers and mechanics are the vital poor households. The vast distributor network ensures
influencers in the Bazaar channel, emphasis was put on a supplies and services to a whopping 8.45 crore
pull strategy for MAK in the market, by conducting households. For the convenience of customers, second
several customized programs and product-specific cylinder facility was extended to 20.2 lakh customers,
campaigns. Leveraging innovation, MAK Lubricants also taking the Double Bottle Connection (DBC) coverage to
introduced new products in the synthetic and mineral 3.39 crore, which is 40.1% of the customer base.
space, which helped to capture the niche segments. To Under the PMUY, BPCL has released 2.10 crore
strengthen the pan-India distribution network, MAK connections since its inception. The PMUY scheme has
Lubricants appointed new channel partners across served to promote the adoption of cleaner cooking fuel
geographies. by rural masses and poor households. With the launch of
It is believed that superior quality and prompt service are PMUY since 2016, the LPG coverage in the country has
valued more than the cost of the product. Our growth in increased from 62% to 99.8% by March 2021.
the direct channel can be adduced to these two attributes. To remove the hardships being faced by PMUY
Despite a challenging external environment, nothing beneficiaries due to COVID-19, the Government of India
came in the way for MAK to outperform in this segment implemented the initiative of providing three free LPG
through customer acquisition and new product cylinders under Pradhan Mantri Garib Kalyan Yojana
introduction, supported by customer seminars and (PMGKY) through PSU OMCs. Cash advance was
digital marketing initiatives. Additionally, entering into an transferred to PMUY beneficiaries to enable them to avail
agreement with OEMs for marketing its genuine oils, and up to 3 LPG refills during the scheme period. The scheme

was effectively implemented by the distribution network In order to improve awareness and availability of LPG in
through awareness initiatives especially for the remote rural areas, a new initiative to create local level
households in remote areas and in all 3.67 crore LPG micro distributorship network was taken up during the
refills were delivered under the PMGKY. year. 10,581 Village Level Entrepreneurs (VLEs) have
Health, Safety, Security and Environment (HSSE) being of been engaged to promote refill bookings and deliveries in
foremost priority, the best practices in HSSE are actively the low consumption rural areas.
followed at all BPCL LPG Plants, alongside the strong BPCL promoted digital payments in LPG through various
focus on improving productivity and attaining cost campaigns on FM Radio, print and social media, and on-
leadership. During the year 2020-21, BPCL’s bottling ground activities, thereby improving digital transactions
capacity was 7.4 MMT, recording a growth of 6.7%. from 2% in April 2020 to 22.9% in March 2021. BPCL
Further, Letters of Intent (LOIs) were issued to 9 private created special Identity Cards with Quick Response (QR)
bottling plants for bottling assistance to meet the codes for LPG deliverymen so that customers can make
increasing demand of LPG. contactless digital payment by simply scanning the QR
In order to ensure product availability in line with the code using their smartphones and choose their preferred
growing demand, requisite infrastructure is being created platform at the time of delivery of refill.
by the Company over the past few years. During the The Company’s web-based front end systems, which are
current year, a major milestone was achieved by
available to customers for refill booking, payments and
commissioning an Import Terminal at Haldia with a
applications for new connection, have now also been
dedicated import jetty and cross-country pipeline. The
integrated with ‘Umang’, a Mobile App of the
terminal has import, storage and distribution capacity of
Government of India. The Company’s efforts to promote
over 1 MMTPA and will serve as an important location for
usage of this App were recognized by the Government.
LPG import and distribution on the eastern coast. In order
The Silver Partner award was received from Ministry of
to increase cylinder bottling capacity, new bottling plants
were commissioned during the year at Bolangir (Odisha) Information & Technology for crossing 50,000 thousand
and Madurai (Tamil Nadu). With these new plants, the transactions in a quarter.
overall LPG storage capacity has been enhanced by WhatsApp based intelligent virtual assistant ‘Urja’ was
36.5 TMT. launched during the year to engage with customers and
In order to improve production and safety standards, a facilitate LPG refill bookings, payments and other
project for automation of LPG plant operations has been services like price and delivery status. The customers are
taken up. During the current year, automation to integrate also given opportunity to rate the performance of their
storage, pumping, bottling, dispatch and safety respective distributors.
processes at 4 plants, viz. Indore, Jaipur, Ajmer and ‘HelloBPCL’, a mobile App, was launched for LPG
Bangalore has been completed. In all, 11 Plants have customers which enabled them to enjoy host of
been linked to central control on IRIS platform. functionalities such as booking and payment of refills,
During the current year, significant efforts were made for getting additional cylinder, to port their refill requirement
optimization of logistics cost in movement of bulk LPG to another distributor, etc. Procedures to acquire new
from source locations to bottling plants. For this, four connections have been simplified and getting a new LPG
new company-owned LPG Tank Wagon rakes were put to connection is now just a few clicks away.
use. Uran-Chakan Pipeline which was commissioned last
Booking and payments for LPG refills have been made
year in collaboration with OMCs has stabilized during the
available on external e-commerce and digital platforms
current year by achieving a throughput of 297 TMT.
like Amazon, Paytm, PhonePe, Google Pay, BHIM, etc.
Various measures were taken during the year to improve
YouTube channel ‘BharatGas Connect' was launched to
safety standards in LPG plant operations and
digitally engage with the customers and network with a
transportation. Hazard Identification & Risk Analysis
live program ‘4 Baje Ki 4 Baatein’. The channel has
(HIRA) study was conducted at all LPG Plants in the
country in addition to Threat Vulnerability & Risk around 50,000 subscribers within a short duration of its
Assessment exercise and Security Audits. launch.

Challenge of conducting regular training programs for Aviation SBU incurred ` 31.04 crore on capital assets
field officers and distributor network was overcome during the year. Some of the major projects undertaken
during the year with launch of ‘e-Pathshala’, an on-line are new Aviation Fuel Station (AFS) at Delhi Airport T1,
network training platform. In all, 6,628 distributors and procurement of self-contained Aviation Units, extension
staff participated in the on-line training and 48 modules of Mumbai Refinery-Mumbai Airport ATF pipeline linked
have been provided for the same. to upcoming new Integrated Fuel Farm Facility, and tank
farm automation, impervious dyke in fuel farm, 5 KVA
Various measures were taken to protect health of staff
hybrid solar power system, new fire-fighting system with
engaged in our distribution and transportation network,
augmented tankage, etc. at Cochin AFS.
and contract services at plants. Assistance for
sanitization and masks as well as food packets for BPCL’s Joint Venture, Bharat Stars Services Pvt. Ltd., has
transport crew was provided during lockdown period. An successfully secured extension of Into-Plane services at
ex-gratia scheme was also implemented during the year, Delhi airport for next 15 years. ATF supplies from
under which payment of ` 5 lakh was made to the family Numaligarh Refineries Limited (NRL) was restored after
of staff deceased due to COVID-19. In recognition of a gap of almost one year, leading to huge reduction in
these services rendered during the COVID-19 crisis, under-recoveries. New improved process of ATF transfer
Ramakrishna Bajaj National Quality Trust conferred through pipeline with BS-VI product using pipeline
'Excellence in Crisis – Innovation in Customer Services' compatible kerosene was implemented during the year.
merit award to LPG BU.
The uncertainty around the pandemic continues to weigh
AVIATION heavily upon the aviation sector. BPCL is constantly
monitoring the evolving pandemic situation and its
Aviation has been one of the worst hit sectors during the
impacts on the aviation industry, to make necessary
ongoing COVID-19 pandemic, owing to stoppage/severe
interventions in line with the developments while serving
restrictions on international as well as domestic travel.
its customers at all times.
This has had a serious adverse impact on the aviation fuel
business. BPCL, the pioneers of aviation fueling in India PROJECT ANUBHAV – BPCL’S DIGITAL JUGGERNAUT
and suppliers to the world’s leading airlines has been
Thanks to technology, today our world is highly
affected the most in the industry, as about 60% of the
connected. Easy and seamless access to world class
Company’s customers are international airlines which
digital platforms enable our customers to connect,
were not allowed to operate scheduled flights since the
transact and entertain themselves, from any location in
start of the year 2020-21. The restrictions on
the world, and at any time of their choice. Mindful of the
international flights still continue to a large extent, except
huge leverage which use of technology provides, BPCL
for resumption of flights to certain countries. As per
had, over the past years and decades, rolled out
projections by global agencies, pre-COVID levels are
numerous initiatives in the digital space, some at a local
likely to be reached only by 2024. Domestic airlines have
level, some for specific businesses or specific customer
progressively been allowed to fly with moderation in
segments, and some for the entire organization.
capacity from pre-COVID levels. Consequent to all this,
there has been a sharp drop in Aviation Turbine Fuel (ATF) However, in view of the over-arching role and impact of
uplift within the country. digital technologies today, and seized of the
disproportionate multiplier effects many of the recent
The silver lining in the otherwise gloomy scenario is that
digital technologies could potentially deliver, BPCL has
most of BPCL’s large volume international customers
now embarked upon this ambitious project.
who came up with tenders during the year 2020-21, re-
awarded contracts to BPCL at improved commercials. In This project, christened ‘Project Anubhav’, essentially
the domestic segment, contracts were extended with all focuses holistically on ease of living for customers,
major Airlines. New customers were acquired and BPCL improving operational efficiency, and expansion of
improved the market share in the domestic segment. BPCL’s digital business, with an underlying intention of
Smooth operations adhering to safety and quality norms embedding the digital DNA structurally into the substrata
were maintained at all airports, following prevalent SOPs of not just every transaction but also every potential
to ensure uninterrupted services. business opportunity. To build and deliver the initiatives

of Project Anubhav, BPCL has, during the year, procured Another key initiatives under ‘Project Anubhav’, is to set
best in class solutions which are being deployed through up BPCL’s Integrated Messaging Platform, aimed at
an agile development model. unifying all customer interactions into a consistent omni-
channel conversation with customers across SBUs.
Conceived and designed with a comprehensive, 360
Accordingly, BPCL launched its first conversational
degree approach, Anubhav targets to provide a single
Artificial Intelligence (AI) chatbot, ‘Urja’, for its
view of BPCL to all its customers (through a Customer
customers. Urja is an intelligent virtual assistant with
Relationship Management platform), a single view of
AI/NLP (Natural Language Processing) capabilities and
customers to all BPCL businesses (through a Customer
trained on more than 600 use cases. It can chat with
Engagement Platform) and also a single view of internal
customers in 13 languages and is available on WhatsApp
facilities of BPCL to its management (through a digital
and BPCL Website.
nerve centre). Also, recognizing that communication is
the backbone of all business growth, Anubhav rolls out an Also, a state-of-the-art Corporate Digital Centre has been
Integrated Conversational Virtual Messaging Platform. set up at the Head Office to comprehensively build a
common data warehouse across the organization,
The Customer Engagement Platform (CEP) aims at
essentially to enable integrated and more effective
enabling Business Units and Entities through a unified
decision making by top Management.
platform such that, BPCL gets single view of the
customer across the organization. The first offering from CORPORATE STRATEGY
the CEP is the unified mobile application for our
BPCL’s Corporate Strategy department is engaged in
customers - christened ‘HelloBPCL’. It shall act as a one
developing, evolving and implementing medium to long
stop solution for all sales and service activities for all
term organizational strategies to achieve organizational
BPCL customers, with one click ordering of LPG to B2B
vision and goals. To achieve this, the department
sales, payments, customer service, loyalty and rewards.
routinely engages with BPCL’s Business Units,
In the first release (March’21), HelloBPCL is made
continuously scans internal and external business
available for IOS/Android users and has been activated
environments and megatrends, explores and evaluates
for LPG consumers. In future releases, other customers
strategic opportunities, challenges and suggests
of BPCL shall be activated on the app/portal.
requisite interventions, with a focus on growth,
A customer relationship management platform powered sustainability and value creation for the organization.
by M/s. Salesforce – christened SalesBuddy has been
The energy landscape is undergoing a paradigm shift
deployed for internal employees. This platform aims to
towards low carbon solutions and alternate energy
build a high level of customer centricity, by enabling
sources in the backdrop of growing climatic concerns.
BPCL field force to effectively build and improve
The transition has accelerated in the recent times with
customer relationships, manage the expanding base of
aggressive policy stance by various governments and
customers and nurture prospects/leads effectively
rapid technological advancements. India too has taken
through a structured/guided process.
ambitious targets towards a greener and cleaner
IRIS, the Digital Nerve Centre, was the first initiative environment, promoting proliferation of various
launched under Project Anubhav. IRIS is capable of alternate energy sources like Biofuels, Renewables,
accepting more than 3 million inputs per second from Electric Vehicles, Hydrogen as Fuel, Natural Gas and the
Local Automated systems, cameras and Internet of like. Aligned with the national priorities and pursuing
Things (IoT) devices, deployed at key locations like Retail diversification opportunities for growth and risk
Outlets, Fuel Terminals, LPG Plants, Consumer Pumps, mitigation, BPCL has been closely monitoring the
and Railway Installations along with the associated Tank developments in this space and developing business
Trucks for product delivery. By embedding intelligence in case for future investments, including in the areas of
BPCL’s operations, IRIS is helping BPCL optimize its Petrochemicals and Non-Energy ventures. The
operational performance and efficiency, enhance security Corporate Strategy department explores, identifies,
and safety and deliver brand promises, using latest evaluates and collaboratively implements initiatives in
technology. Currently IRIS is integrated with more than the rapidly evolving energy space and beyond, while
12,000 Retail Outlets, 56 Retail Terminals, 11 LPG plants striving to make the core business activities more
and more than 25,000 Tankers. efficient and profitable.

To further the organizational goals, Corporate Strategy building a competent workforce and exceptional leaders.
setup leverages India’s innovative and vibrant Startups With this end in mind, ‘ACE’ – a comprehensive role
ecosystem by supporting promising Startups. based Functional Competency Framework was
Recognizing the importance of Startups as an innovation introduced, which defines role-specific behaviours,
engine, BPCL started its Start-up initiative christened knowledge and skills required to perform effectively in
as “Project Ankur” in the year 2017, in line with distinct roles or operating environments, as well as to
Government of India’s “Startup India” policy. The aim of provide a roadmap for the career path of individuals by
Project Ankur is to develop a supportive ecosystem that bringing to light dimensions of functional competence
nurtures entrepreneurship in the country by backing over and above other capabilities. The expansive
innovative ideas/concepts that have the potential to grow coverage of Functional Competency Framework for
into promising Startups and create a multiplier effect on around 600 roles across all levels enables the Company
the entire ecosystem. BPCL has allocated ` 50 crore for to clearly chalk out developmental milestones for very
this purpose in two phases. This fund is being utilized to nascent to more senior leadership roles.
support deserving and budding Startups in various
BPCL’s Behavioral Learning Framework and customized
ways including grant funding. Till 31st March, 2021,
training programs for specific businesses helped in
31 Startups have been selected for grant funding
furthering the goal of grooming leaders and subject
amounting to a total of around ` 28 crore out of which
matter experts within the organization. Critical
over ` 22 crore has already been disbursed. In addition to
competencies and skills were identified and a blended
the grant funding and contractual engagement to test out
learning approach was rolled out to employees seeking
and implement new initiatives, BPCL is also providing
to build on these competencies/skills. The ‘SPARK’
mentoring and guidance to the Startups.
initiative for Retail Territory Coordinators and the
In the previous year, BPCL launched a grand challenge for ‘DISCOVER’ initiative for Retail Initiatives team, were
startups christened as “BPCL Startup Grandslam designed to enhance role based capabilities through
Season#1”, with 6 problem statements specific to BPCL. structured learning journeys, comprising of classroom
From 300+ entries received in this Grand Challenge, training, action learning projects and group coaching
6 winning Startups have been identified who will be given interventions.
a grant of ` 50 lakh each, along with an opportunity to do
During the COVID-19 pandemic when many employees
business with BPCL. The winners are working on
had to work remotely on account of lockdown, capability
implementing the Proof of Concept (PoC) of their
building as a thrust area was driven extensively through
proposed solution with the Company’s business units.
virtual and digital platforms. Through a series of
Going forward, BPCL is committed to support start-ups
webinars, employees were equipped to adopt a digital
in a variety of ways with a focus on equity investments,
mindset and navigate through the multitude of changes
business exposure, mentoring and guidance.
that were brought about in the way of working. Platforms
During the year, Corporate Strategy organized and like EBSCO and LinkedIn Learning were leveraged to
anchored interactions of mid and senior management drive learning on the go. Content curation specific to
with domain experts in a series of webinars, with an business verticals and roles ensured development of
objective of re-orienting the thought leadership to personalized learning experience and achieved as high as
analyze, anticipate and tackle the unprecedented effects 60,000 hours of online learning alone by our staff.
of COVID-19 pandemic on business. Further, to
VIZDOME, a platform to capture tacit knowledge through
overcome the financial impact of the unprecedented
creation of learning videos on key business
pandemic, Corporate Strategy, along with business units
processes/product knowledge/SOPs, etc., by employees
carried out various initiatives for cost rationalization and
led to sharing of knowledge and development of a rich
improvement in process efficiency in BPCL.
repository of knowledge. Alternate Learning Platforms
HUMAN RESOURCES serve to provide employees with avenues to build skills
through experiential learning and also serve as excellent
A constantly evolving business landscape and the shift to
talent identification grounds. Such platforms included
a digital, knowledge-based economy makes it even more
SOCRATIX, a case study competition, MERCURIX, a
compelling for BPCL as an organization to invest more in
story telling competition, BizX, an Online Business

Simulation competition and WAR OF PERSPECTIVES, a publications in the in-house journals, updates on
debate competition. ‘iPassion’, a platform to pursue corporate intranet and desktop wallpapers. These helped
personal passion and bond with colleagues over achieve huge outreach.
common interest areas gained significant traction in the
‘ESE Interconnect’, a weekly e-newsletter, was launched
year 2020-21. Multiple initiatives launched under the
and shared with staff through corporate broadcasts,
umbrella of ‘iPassion’, furthered the excitement and
WhatsApp as well as on the intranet. 55 editions of
interest of the members spanning across 79
‘Interconnect’ were published and circulated.
communities to learn and enhance their pursuits for
passion. ActivLife and ReEnergise, a bi-monthly webinar series,
was launched during the year. 29 ActivLife and
BPCL was awarded ‘Special Recognition in the PSU
ReEnergise webinars, attended by over 4,000 staff, were
category’ under the ‘Excellence in Learning and
held. This covered a wide range of topics on wellness and
Development’ category at the SHRM Excellence Awards
productivity in challenging times. Tips on working from
2020. The award was a recognition of the innovative
home, how to practice mental self-care during the
training practices implemented in the organization
pandemic, leading virtual teams, improving personal
between 2017 and 2019, with particular emphasis on
strength and perspective in difficult times, dealing with
Vizdome, iPassion and the alternate learning platforms.
uncertainty in life, embracing change, fostering
EMPLOYEE SATISFACTION ENHANCEMENT (ESE) resilience in difficult times, and practice of gratitude in
daily life, etc. were shared.
Enhancing ‘satisfaction’ during a crisis is a challenge in
itself! The COVID-19 pandemic ushered in uncertain Sahkarmi Mitra, a unique initiative to provide emotional
times, requiring unprecedented response. This phase first-aid and facilitate connect between ESE team and
threw new challenges wherein new ways of working such staff, was launched for nominated staff at refineries and
as ‘Work from Home’ and working with additional safety marketing locations (with staff strength of 20 and
parameters emerged. above).
The lockdown induced social isolation meant heightened During the year 2020-21, various webinars were
anxiety and stress for staff members both at work and on conducted with team leaders and SBU/Entity role holders
the family front. This situation also triggered fear in the to sensitize them on various EAP processes, their
minds of family members where the employee was going benefits and how they can enable their staff to take
out for work or employee and family were staying in advantage of the same. A total of 6 Manager Sanitation
different cities. Seminars, attended by 129 team leaders, were held.
BPCL’s Employee Satisfaction Enhancement (ESE) team A Direct Employee Connect initiative was also launched
continued its endeavor towards ESE vision “to be an through MS Teams to share the EAP process with
active facilitator towards a healthy, productive, vibrant employees, its benefits and how they and their
and energized workforce by working towards 360 degree dependents could take advantage of the same. 1,500
wellness, living up to the core purpose of energising lives employees were covered through the online ESE &
to make BPCL – A Great Place to Work”. Roshni Plus Awareness sessions. Similarly, many
Employee Wellness programs on Self-Health Risk
In order to mitigate the heightened stress and anxiety
Assessments as well as Wellness Coaching sessions
levels, ESE team realigned its outreach by embracing
through trained faculty were made available.
technology to achieve last mile connectivity to educate
staff on how they, their colleagues and dependents could These resulted in higher awareness as well as utilization
reach out to ESE as well as an Employee Assistance of EAP services by staff and their dependents. A total of
Program (EAP) service provider for counselling and 320 new registrations for EAP services were done taking
wellness services. the total to 6,335. Total 429 counselling sessions were
availed during the year 2020-21 as against 195 during
A multimodal communication was launched using
the previous year.
platforms viz., virtual team meetings with leaders and
staff, posters at locations, a special episode and regular Additionally, all grievances received from employees
announcements on in-house radio BPC Tarang, were handled and resolved.

The efforts of ESE cell were recognized, with BPCL being HEALTH, SAFETY, SECURITY & ENVIRONMENT (HSSE)
conferred two national level awards at the PRSI National
BPCL believes in imbibing the principles of sustainable
Conclave.
development with the highest concern and commitment
INTEGRATED INFORMATION SYSTEM (IIS) for Health, Safety, Security and Environment, towards all
its stakeholders, including customers, employees,
BPCL’s IT enabled business processes are designed and
contractors and communities. Safe operations and
implemented by the dedicated IIS team which specializes
implementation of health, safety and environmental
in enabling new business processes and enrichment of
initiatives are indispensable constituents of the
prevailing business processes through adoption of the Company’s business, and remains at the core of all
latest technologies. business activities of BPCL.
During the year 2020-21, BPCL ensured full compliance All the SBUs and Entities in BPCL adhere to the
of various government digitization requirements on commanding principle of ‘Safety First, Safety Must’. The
e-Invoice and QR code printing in invoice as per GST Law. objective is to achieve zero occupational incidents with
Along with the compliance of government regulations, primary focus on safety management system, effective
various in-house and custom solutions have been containment of hydrocarbons, mitigation of associated
deployed in the field of order-to-billing, accounts payable hazards and continual improvisation in the processes.
management and asset management, to have better
BPCL has implemented Corporate Safety Management
monitoring and governance, which have added immense
System (CSMS) and 12 Life Saving Rules (LSR) across
value to the business units. Additionally, the new learning
refinery and marketing SBUs to achieve standardization
digital platform in the form of IS e-Gurukul has also been
and uniform understanding of safety systems. The
launched during the year for employees’ skill
Company has a well-structured Emergency Response
improvement for SAP and other system applications. Disaster Management Plan (ERDMP) which
IIS provided system support for implementation of the encompasses Preparedness, Mitigation, Planning and
free LPG refill scheme to Ujjwala consumers under the Restoration (PMPR).
Pradhan Mantri Garib Kalyan Yojana (PMGKY). Around The Company’s endeavor is to achieve its mission of Zero
3.67 crore LPG refill cylinders were delivered to 1.98 Incidents, Zero Harm and Zero Excuses. To ensure
crore consumers under the scheme. emergency preparedness, three tier mock drills are
BPCL has now enabled Aadhaar based e-KYC for release regularly conducted and reviewed for improvements at
of LPG connections, which shall further ensure transfer all locations. A comprehensive report is prepared and
of LPG subsidy to the rightful beneficiaries, and shall analyzed, leveraging learnings and recommendations to
pave the way for paperless KYC. For consumer avert repetition of mistakes and ensure strengthening of
the response mechanism.
convenience, the company also enabled KYC through
Government of India’s UMANG App for new LPG Internal and external audits are considered an integral
connections, refill booking, online Payments, and other part of operations and their compliance is given very high
allied services through various wallets, e-commerce sites importance. The implementation of recommendations
and social media platforms (like Amazon, WhatsApp). are assigned top priority. External Safety Audits (ESAs)
are frequently undertaken by OISD, PNGRB and Factory
Under green initiative, invoices (in PDF format) for
Inspectorate, and recommendations are implemented in
product & services were sent electronically to customers a time bound manner. Compliance to 70% of ESA Audit
and transporters on their registered email-id, thus saving recommendations during the year of audit is possible
approximately 48 lakh sheets of paper annually. because of the collaborative effort and multidisciplinary
In view of the pandemic situation, various collaboration integrated approach of all SBUs. Theme Based Approach
tools (like Microsoft Teams, Zoom) were implemented i.e. ‘Mission Safety-Vision Infinite’ to focus on safety was
which have ensured seamless business continuity by way rolled out and Surprise Dip Stick Audit (SDSA)
of conducting regular meetings, webinars etc. through mechanism was implemented to ensure the compliance
online mode during these difficult times. towards 12 Life Saving Rules (LSR) at locations.

Incident Reporting is a very critical activity with respect to System for all locations, which helped in reduction of in-
disseminating the learnings and having well-defined transit accidents.
Company level processes. The incidents reported in the
Demonstrating the Company’s commitment towards
system are thoroughly investigated and circulated online
safety, KR achieved 5,571 days of continuous operation
to all stakeholders. Root Cause Analysis of incidents is
without any Lost Time Accidents (LTA), equivalent to
undertaken to upsurge collaborative learning for safer
69.90 million man hours till 31.03.2021. KR also
operations and greater adoption of best practices.
launched Process Safety Management (PSM) Version
Governance practices of the Safety Systems and
2.0 for the effective sustenance of the already
Standard Operating Practices (SOPs) of the critical
implemented 17 elements of PSM, which are a
processes are regularly monitored to ensure safe
combination of Occupational Health and Safety
operations across all locations. In addition to the above,
Assessment Series (OHSAS) & Risk Based Process
regular HSSE workshops were conducted and other
Safety (RBPS) principles. Visible results of PSM
initiatives like ‘Safety Voice’, ‘Safety Moment’, ‘Safety
implementation are consistent reduction in number of
Share’, ‘Virtual HSSE Town Hall Meeting’, webinars, etc.
Tier-1 & Tier-2 incidents by 53% (in the year 2019-20) &
were taken, where information on best local & global
80% (in the year 2020-21) as compared to the year 2018-
practices were shared, propelling collaborative learning.
19. KR successfully implemented five tier approach of
The Company rolled out a novel Safety Perception Survey Contractor Safety Management system, which helped in
for all management staff to understand the state of the 45% reduction in contract workmen injuries in the year
Safety Culture in the organization, identify the gaps and 2020-21 against previous year indicating percolation of
create action plan to strengthen the same. desired safety culture. MR is in advanced stage of
implementation of Process Safety Management (PSM)
Various digital technological innovations were used to
with completion target of March 2022. MR has achieved
enhance safety across all business units. Use of industrial
5.69 million man hours without LTA till 31.03.2021.
drone in Mumbai Refinery (MR) helped in improving
safety and productivity. Robotic cleaning of manholes of The COVID-19 pandemic has affected the global as well
Oil Water Separator (OWS) was carried out in the as Indian economy to a great extent. During the times of
Refinery without manual intervention. MR deployed crisis, the Company evolved & published various
Hands Free Devices using Augmented Reality (AR) which directives, advisories & manuals pertaining to safe
helped in live telecast of events, mock drills, turnaround operations at locations and offices. Additionally, the
and emergency handling, besides reaching OEM vendors Company issued guidelines for safe operations and
and experts located in India and abroad, for faster trouble management at various touch points covering various
shooting and remote assistance. Some of the other key stakeholders like driveway sales men (DSMs) at retail
initiatives are Refinery Wide Optimization, featuring outlets, LPG delivery boys, maintenance and operations
deployment of digital twins, integration of the data silos staff, workmen at project sites, etc. The Company also
across the refinery process units and in-house robotic put in place Pandemic Emergency Response Plan
process automation for real time optimization. Guided (PERP) at various locations for effectively dealing with
Ultrasonic Monitoring Pipelines System (GUMPS) has the crisis and ensuring smooth operations.
been implemented for monitoring the pipeline
As a part of capacity building, the Company arranged and
healthiness on real time basis in Rich Amine line of Cold
imparted training and certified courses for more than
High Pressure Separator (CHPS) of Hydrocracker Unit,
15,260 man-hours on various topics on Health, Safety,
which is highly prone to corrosion. Kochi Refinery (KR)
Security & Environment. Virtual Security Audits and
has adopted Robotic Process Automation (RPA) and
Threat Vulnerability and Risk Assessment (TVRA) were
Optical Character Recognition (OCR) technologies for
carried for the Refineries and strategic locations defined
remote condition monitoring of rotating equipments with
by Ministry of Home Affairs, Government of India. MR
automatic data extraction from engineering drawings
and KR have been re-accredited with ISO 9001:2015, ISO
using COMOS platform.
14001:2015 and ISO 45001:2018 standards for Quality,
Vehicle Tracking System (VTS)/Digital locks were Environment and Occupational Health and Safety
leveraged and Journey Management Plan was Management Systems.
implemented under the aegis of Fleet Safety Management

The Company is fully seized with the issues of climate resulted in annual reduction of GHG emissions by
change and global warming and believes that a approximately 190.75 TMTCO2e. Additionally, other
comprehensive solution encompassing technological sustainable initiatives of Ujjwala Yojana, transportation
advancements, efficient use of energy and economically of product through pipelines and use of Biofuel in MS and
viable carbon-neutral alternatives is the need of the hour HSD have helped in reduction of emissions by
for ensuring environmental safety and sustainable approximately 5,547 TMTCO2e, adding up to 5,737.75
development. TMTCO2e for the year 2020-21. The Company has taken
a target of planting one million trees by the end of 2030 to
BPCL has institutionalized sustainability as a core
improve bio-diversity and has currently planted around
parameter in its philosophy and endeavors to make the
79,000 trees during the year 2020-21, consequently
performance on its Sustainable Development initiatives
increasing CO2 sink by sequestrating 9,650 MTCO2e.
transparent and publicly noticeable. The Company
benchmarked its sustainability initiatives on BPCL has been continuously working towards
Environment, Social and Governance (ESG) parameters increasing the Rain Water Harvesting (RWH) capacity to
on Dow Jones Sustainability Index (DJSI) platform for the reduce the dependency on other sources of water. The
first time and ranked ‘10th Best Company’ globally in the total catchment area under rainwater harvesting has
Oil and Gas sector. The Company’s score is the highest in increased from 8,23,732 sqm to 8,42,800 sqm during
the peer group of Oil and Gas companies in India and has the year 2020-21. BPCL has carried out Water Balance
improved the brand value globally as a responsible Study (WBS) for MR and KR and implemented various
business entity. BPCL also benchmarked its performance recommendations resulting in a saving of 10% of total
on CDP platform of sustainability and climate change fresh water requirements annually. Similarly, WBS was
which represents the Company’s transition towards carried out in one retail location and one LPG plant on
environmental stewardship, improving its rating from pilot basis for optimizing use of water, which shall be
‘Disclosure’ to ‘Management Level’ which is the best in replicated in other locations in future. Effluent Treatment
the Oil and Gas sector in India, and at par with the Plants (ETP) are installed and are operative in the
international peer group. BPCL’s efforts on sustainability Refineries to use treated water for non-potable purposes.
were recognized during the year by various institutions MR has set up a Sewage Treatment Plant (STP) in
and agencies through awards and accolades. collaboration with Rashtriya Chemicals & Fertilizers
(RCF), which has reduced dependency on raw water
BPCL is one of the first organizations in India to publish
from BMC by 35% (approximately 6,000 TLPD).
its Sustainability Report, and has been publishing it every
Additionally, sea water is used in MR to reduce the
year. The latest report was published for the year 2019-20
requirement of precious fresh water for its operations.
following GRI standards and other global frameworks
and mapped with United Nation’s 17 sustainable BPCL is following the rule of 5R, i.e. Refuse, Reduce,
development goals. The Sustainable Development Reuse, Repurpose and Recycle of waste in all its
Report of BPCL is assured by an independent third-party operations. The use of single-use plastic has been
as per Accounting Ability (AA) 1000, Assurance Standard prohibited across all locations. The Company adopted
(AS) 2008 and International Standards of Assurance composting in a big way to dispose organic waste from
Engagement (ISAE) 3000. Refineries and locations in a responsible manner. 300
MTs of organic waste has been converted into compost
BPCL is continually implementing various initiatives to
and used for gardening purposes in the year 2020-21.
minimize operational impacts on the environment and
BPCL disposes its hazardous waste in a responsible
trusts that clean energy alternatives will help protect our
manner as per guidelines of Central Pollution Control
environment. The capacity of renewable energy has
Board. During the year, certification was carried out for
increased from 43.43 MW to 45.12 MW in the year 2020-
one Retail/Lubricant location and one LPG Plant for ‘zero
21. Energy Efficient Lighting (EEL) capacity has increased
waste to land fill’ on pilot basis. The Company has taken a
from 17.95 MW to 53.24 MW during the year. All the
target of getting all its Retail, LPG, Lubricant locations
pipeline locations have converted to 100% Energy
and Mumbai Refinery certified for ‘zero waste to land fill’
Efficient Lighting (EEL), besides MR and 25% of the
by the year 2021-22.
marketing locations. These initiatives on renewables have

BIOFUELS INTERNATIONAL TRADE & RISK MANAGEMENT (ITRM)
The Government of India introduced a ‘National Policy on BPCL’s International Trade and Risk Management (ITRM)
Biofuels’ in 2018, which aims at increasing the ethanol procures crude indigenously as well as through imports.
blending percentage in petrol to 20%, and blending Petroleum products are imported and exported based on
percentage in diesel to 5%, by 2030; which has now been the domestic demand-supply equation. Allied services of
revised for achievement by 2025. In line with this policy, ship chartering and operations are also facilitated by
BPCL has been blending 1G Ethanol produced from ITRM. Further, the ITRM set-up includes an active
molasses, sugarcane, damaged food grains and surplus Derivatives Desk engaged in risk management activities
rice. BPCL is the nodal agency for ethanol procurement via the paper (financial derivatives) market, thereby
and is procuring 1G Ethanol from multiple sources. covering Refineries operating costs and other associated
costs.
BPCL is also setting up a 2G Bio Ethanol Refinery in
Bargarh district in Odisha with a capacity of 100 KL per The year 2020-21 has been a tumultuous one for crude
day. The Bio Refinery project was approved by the Board procurement with the crude market exhibiting
unprecedented price levels due to plummeting demand
at a total capital outlay of ` 1,379 crore (net of input tax
and increasing inventory levels caused by the pandemic.
credits). In spite of delays due to outbreak of COVID-19
Given the excess supply of crude oil available in the
pandemic and subsequent lockdown, the project had
international market and the extremely low levels of
progressed with overall achievement of 29.23% by end
crude oil prices with a steep Contango in market
March 2021. BPCL is also proposing to set up a 100 KL structure, there existed an opportunity to procure crude
per day plant for 1G Ethanol in the same complex. oil for storage, to be utilized at a later date. Taking the
Also, in line with PM Ji-Van Yojana, which aims at lead, BPCL ITRM, sold 3.75 mmbl of crude oil to Indian
incentivizing the 2G Bio Ethanol Projects, BPCL has Strategic Petroleum Reserves Limited (ISPRL), Padur at
signed an MOU with Centre for High Technology (CHT) a total landed cost of approximately USD 22 per bbl,
for grant of Viability Gap Funding (VGF) of ` 150 crore for proactively contributing to BPCL’s constant endeavors in
the 2G Bio Ethanol Refinery, Bargarh, in Odisha. nation building.
BPCL had undertaken a pilot study for Biomass collection In view of the expanding hydrocarbon trading portfolio of
and storage to understand various nuances and pricing of BPCL and to capture opportunities in oil market through
Biomass supply chain. BPCL has also taken initiatives in Integrated Trading Desk approach, BPCL partnered with
M/s. Shell International Trading and Shipping Company
the field of production of Compressed Bio-Gas (CBG)
Limited, for a period over three years, to gain key insights
from Biomass waste/Biomass sources like agricultural
into and understand the nuances of the global spot crude
residue, sugarcane press mud, municipal solid waste,
oil market, thus transcending from the conventional
etc. In this context, BPCL has invited Expression of
modes of procuring crude oils from spot markets. The
Interest from potential entrepreneurs, to set-up CBG learning objectives for setting up of Trading Desk, the
plants and offer CBG to BPCL. As of March 2021, BPCL principal purpose of engagement with Shell as a strategic
has released 34 Expression of Interests (EOIs), under partner, have been largely achieved. Fortified with a
which applications for setting up 309 plants have been comprehensive Trading Policy and a robust Governance
received. As of March 2021, 107 LOIs have been issued Framework that ensure the highest levels of controls,
for a total production capacity of 843.5 TPD (Tons per BPCL’s Independent Crude Oil Trading Desk went live in
day) of Natural Gas. March 2021. BPCL now procures crude on spot basis
BPCL has also taken initiatives for production of Bio- through this desk, adding tremendous value to its
diesel from used cooking oil. BPCL floated 14 EOIs, portfolio.
against which 11 bidders offered for setting up 13 plants As part of BPCL’s Global Strategy, ITRM has been actively
with combined Bio-diesel production capacity of 239.3 formulating an Export Strategy, migrating from the
TPD. As of March 2021, 2 LOIs have been issued for current practice of exports based on supply-demand
production capacity of 15 TPD. imbalance to planned and regular exports of petroleum
products on a sustained basis, thereby establishing and

unleashing synergies. In-depth studies have already been designed LPG Burners with improved efficiency. Thermal
undertaken to assess the infrastructural and capital efficiency certification has been obtained from BIS
expenditure requirements going forward. Finalization of approved lab for ‘Improved LPG Stove’. Rolling out of
detailed operating principles for the export strategy are this product under ‘Beyond LPG’ is under way. Process
underway, and soon BPCL shall embark on a focused intensification program was continued for development
methodology for export of petroleum products. of novel hydro processing reactor based on cross flow
The intensity and quality of synergies that ITRM engages concept.
in today, has changed significantly. Scouting the markets The concept of maximum utilisation of waste plastic in
for better value crudes, exploring new geographies for road pavement was demonstrated by laying 500 m
sourcing, coordinating with various stake-holders for stretch of motorable road at Noida, using 35 metric tons
freight optimization, understanding infrastructure of waste plastic. Further, agreement was signed with
bottlenecks and ensuring infrastructure augmentation for M/s. Super Group, Bangladesh for conducting pilot trials
enhanced performance have all become basic threshold of waste plastic road concept in Bangladesh. In
activities. BPCL ITRM has migrated from an era where collaboration with IIT-Madras, a novel ultrasonic based
crude purchases and Refinery evacuation was closely waveguide sensor to monitor the furnace tube skin
Government controlled and monitored, to an era where temperature was developed and field trial was performed
pure economics will decide the optimum decision. at MR.
ITRM has evolved in terms of its value addition and has Other products such as synthetic engine oil, for latest
truly been able to redefine its role in BPCL’s growth story, generation petrol/diesel cars and heavy duty commercial
with a sound governance framework to ensure that all the vehicles, meeting stringent BS-VI emission norms &
activities are conducted as per laid down policies and equipped with new engine technology and fitted with
processes. various devices; advanced engine oil for higher CC
RESEARCH AND DEVELOPMENT (R&D) motorcycles, new generation fuel efficient 4-stoke
motorcycles and scooters; new generation marine
BPCL’s R&D plays a pivotal role in expanding knowledge engine oil meeting IMO global Sulphur fuel cap (<0.5%)
base and creating new technologies, niche products, and
and eco-friendly white oils for industrial application,
future capabilities for business growth and sustainability.
were developed during the year.
With this objective, during 2020-21 the R&D team has
continued developmental activities in the area of niche During the year 2020-21, the focused approach by R&D
petrochemicals, novel and energy efficient refinery team has resulted in grant of 5 Patents (2 Indian and 3
processes, product development, biofuels and CO2 Foreign) and filing of 21 new patent applications.
mitigation.
BPCL looks forward to the development of many more
The BPCL R&D team has successfully developed new advanced technologies in the coming times, for the
hygienic grade SAP formulations with improved Company’s products and processes, and for improving
properties. Furthermore, to demonstrate the the environment.
performance of in-house developed SAP technology,
around 5 KTPA SAP plant is being set up at Kochi EXPLORATION AND PRODUCTION OF CRUDE OIL AND
Refinery (KR). In synergy with Pipelines team, field trial GAS OPERATIONS OF THE COMPANY THROUGH
of in-house developed crude oil pipeline corrosion WHOLLY OWNED SUBSIDIARY
inhibitor was successfully carried out in VBPL (Vadinar Operations of the Company
Bina pipeline) at Thamna, Gujarat.
Bharat PetroResources Limited (BPRL) has participating
To establish field performance of in-house developed interest (PI) in twenty blocks of which ten are located in
novel Higee based De-aeration Technology for Boiler India and ten overseas, along with equity stake in two
Feed Water (BFW), demonstration unit of 150 TPD Russian entities holding the license to four producing
capacity was designed and its installation activity was blocks in Russia. Six of the ten blocks in India were
initiated at Mumbai Refinery (MR). acquired under different rounds of New Exploration
To reduce the country's dependency on imports through Licensing Policy (NELP), one block was awarded under
optimising fuel consumption, the BPCL R&D team Discovered Small Fields Bid Round 2016 and three

blocks were awarded under the Open Acreage Licensing companies. During the year, JSC Vankorneft produced
Policy (OALP) Bid Round I. Out of ten overseas blocks, approx. 10.81 MMT of Oil and 5.38 BCM of Gas (BPRL’s
five are in Brazil, two in United Arab Emirates and one effective share being 0.85 MMT Oil and 0.42 BCM Gas).
each in Mozambique, Indonesia, and Australia. The During FY 2020-21 IC received dividend amounting to
blocks of BPRL are in various stages of exploration, approx. USD 181 Million (with BPRL’s effective share of
appraisal, pre-development and production. The total approx. USD 60 Million).
acreage held by BPRL and its subsidiaries is around
In TYNGD, Rosneft holds 50.1% shares, BP holds 20%
23,749 km2 of which approximately 45% is offshore.
shares and IC holds the remaining 29.9% shares,
BPRL and its consortia have 26 exploration discoveries in
through their respective subsidiary companies. During
respect of Blocks held in five countries i.e. Brazil,
the year, TYNGD produced approx. 4.95 MMT of Oil and
Mozambique, Indonesia, Australia and India.
2.45 BCM of Gas (BPRL’s effective share being 0.49 MMT
The PI in respect of Blocks in India and Australia are held Oil and 0.24 BCM Gas). During FY 2020-21, IC received
directly by BPRL. BPRL has wholly owned subsidiary dividend & capital repayment amounting to approx. USD
companies located in the Netherlands, Singapore and 158 Million (with BPRL’s effective share of approx. USD
India. The subsidiary located in the Netherlands, i.e. 52 Million).
BPRL International BV, in turn has four wholly owned
UNITED ARAB EMIRATES (UAE)
subsidiary companies viz. BPRL Ventures BV, BPRL
Ventures Mozambique BV, BPRL Ventures Indonesia BV Lower Zakum Concession
and BPRL International Ventures BV. BPRL Ventures BV
The Indian consortium comprising BPRL along with OVL
has 50% stake in IBV Brasil Petroleo Limitada, which
and IOCL, acquired 10% stake in the offshore producing
currently holds PI ranging from 20% to 40% in five
oil asset, Lower Zakum Concession in Abu Dhabi, UAE.
blocks in offshore Brazil. BPRL Ventures Mozambique BV
The Indian Consortium’s share in the Lower Zakum
has PI of 10% in a block in Mozambique, and BPRL
Concession is held through Falcon Oil & Gas B.V, a SPV
Ventures Indonesia BV holds PI of 12.5% in a block in
incorporated in the Netherlands where BPRL holds 30%
Indonesia. BPRL, through BPRL International Ventures
shares through its step down subsidiary BPRL
BV, has 30% stake in Falcon Oil and Gas BV, which holds
International Ventures B.V in the Netherlands. The
10% stake in the Lower Zakum concession in offshore
Concession has a term of 40 years effective from
Abu Dhabi, UAE. Further, BPRL's wholly owned
9 March 2018. The other shareholders in the Lower
subsidiary in Singapore, i.e. BPRL International
Zakum concession are JODCO (10%), a wholly owned
Singapore Pte Ltd (BISPL) holds 33% each in two
subsidiary of Japan’s INPEX Corporation), China
Special Purpose Vehicles (SPV) i.e. Taas India Pte Ltd
National Petroleum Corporation (10%), Italy’s ENI (5%)
(TIPL) and Vankor India Pte Ltd (VIPL) which hold
and France’s Total S.A. (5%). The Abu Dhabi National Oil
29.9% and 23.9 % in the Russian entities LLC
Company (ADNOC) holds a majority 60% stake in the
TaasYuryakhNeftegazodobycha (“TYNGD”) and JSC
concession.
Vankorneft respectively. BISPL further holds 50% stake
in Urja Bharat Pte Limited (UBPL) in Singapore which is The Lower Zakum field, located in Abu Dhabi Offshore
the Operator of Onshore Block 1 Concession in Abu Dhabi shallow water, has been producing crude oil since 1967.
with 100% PI. The Indian Consortium’s entitlement of crude oil from the
CURRENT STATUS OF BLOCKS concession was approx. 11.4 million barrels during the
year 2020-21.
OVERSEAS ASSETS
During the year, BPCL Group Refineries have lifted
RUSSIA
approx. 2.8 million barrels of Das Blend Crude Oil as its
BPRL along with Oil India Limited (OIL) and Indian Oil equity oil from the Lower Zakum Concession.
Corporation Ltd (IOCL), jointly referred to as the Indian
Onshore Block 1 Concession
Consortium (IC), holds 23.9% stake in JSC Vankorneft;
and 29.9% stake in LLC TYNGD. BPRL, jointly with Indian Oil Corporation Ltd. (IOCL),
was awarded the Onshore Block 1 Concession as an
In JSC Vankorneft, LLC Vostok holds 50.1% shares,
Operator with 100% PI in March 2019 under Abu Dhabi
ONGC Videsh Ltd. (OVL) holds 26% shares and IC, holds
2018 Block Bid Round. The block is held by Urja Bharat
the remaining 23.9%, through their respective subsidiary

Pte Limited (UBPL), a 50:50 Joint Venture company of comprises of a mix of Export Credit Agencies (ECA)
wholly owned subsidiaries (WOS) of Bharat Direct Loans, ECA Covered Facilities, Commercial Bank
PetroResources Limited (BPRL) and Indian Oil facilities, and finance from a multilateral development
Corporation Limited (IOCL) incorporated in Singapore. institution.
Onshore Block 1 covers an area of 6,162 km2 located in While the project activities were progressing well during
the Al Dhafra region around Ruwais City and the refining the year, however, the Project Operations have been
complex, including the coastal region to the west. There suspended by the Operator since end-March 2021 in
are two existing undeveloped oil and gas fields in the area, view of the evolving security situation in the Cabo
named Ruwais and Mirfa, which are being appraised by Delgado Province of Mozambique where the onshore site
the consortium, in addition to available prospects/leads is located and the Operator’s personnel has been
for exploration. evacuated. The Project Site has been handed over to a
Joint Task Force of Mozambican security forces for
The drilling of two appraisal wells in Ruwais Discovery
protection.
has been completed during the year 2020-21 and testing
activities are ongoing. The preparatory activities for the Force majeure has been declared under the various
commencement of drilling of exploration wells are in agreements and contracts pertaining to the block during
progress. May-June 2021 because the Operator is unable to
perform its obligations as a result of the deterioration of
MOZAMBIQUE
the security situation in the vicinity of the Project site and
BPRL, through its Netherlands based step-down is expected to remain in effect until the security situation
subsidiary company, i.e. BPRL Ventures Mozambique is restored and stability ensured.
B.V, holds 10% Participating Interest (PI) in the Offshore
BRAZIL
Area 1, Rovuma Basin concession in Mozambique. Total
E&P Mozambique Area 1 Limitada, a wholly owned step- IBV Brasil Petroleo Limitada (incorporated in Brazil) a
down subsidiary of Total S.A. is the Operator with 26.5% joint venture company of BPRL Ventures BV, and
PI and the other consortium partners are Mitsui E&P Videocon Energy Brazil Ltd, step down subsidiaries of
Mozambique Area 1 Limited (20%), ENH Rovuma Área BPRL & Videocon Industries Limited respectively,
Um, S.A. (15%), ONGC Videsh Rovuma Limited (10%), currently holds PI in five deep-water blocks in three
Beas Rovuma Energy Mozambique Limited (10%) and concessions in which the discoveries are being
PTTEP Mozambique Area 1 Limited (8.5%). appraised under three Appraisal Plans namely Farfan and
Barra in BM-SEAL-11; and Wahoo in BM-C-30.
Following the discovery of vast quantities of natural gas in
the Rovuma Offshore Area 1 off the coast of northern Sergipe Alagoas (BM-SEAL-11) Concession
Mozambique, Area 1 consortium partners announced
The concession currently consists of two blocks and
Final Investment Decision (FID) on 18 June 2019 to
Petrobras is the Operator with 60% PI while IBV holds
develop a 2x6.44 MMTPA-Train onshore initial LNG
the remaining 40% PI. During the exploration periods,
Project for monetization of gas discovered from offshore
four discoveries of oil and gas i.e. ‘Barra’, ‘Farfan’,
Golfinho-Atum discovery area. With the announcement
‘Cumbe’ and ‘Barra#1’ have been made in this
of the FID, the Golfinho-Atum Field Development Plan has
concession. The Operator, i.e. Petrobras concluded
become effective and Development and Production
extended well testing in Farfan field. Presently, the
Period of 30 years has commenced. The nameplate
consortium is carrying out appraisal activities in two
capacity has subsequently increased to 2x6.56 MMTPA.
appraisal plans namely “Barra” and “Farfan” in blocks
All major construction contracts such as onshore SEAL-M 426 and SEAL-M 349 with appraisal period till
Engineering, Procurement, Construction (EPC); offshore 28 August 2021. The Operator is pursuing extension of
Engineering, Procurement, Construction and Installation the timeline for submission of Declaration of
(EPCI)/Company Provided Items (CPI) have been Commerciality till June 2022.
executed and Full Notices To Proceed (FNTP) have been
Campos (BM-C-30) Concession
issued to the respective contractors.
The Concession is operated by PetroRio Jaguar Petroleo
Area 1 partnership has finalized Senior Debt Financing of
Ltda with 35.7% PI and other partners are IBV Brasil
approx. US$ 14.9 Billion for the Project. The senior debt
(35.7% PI) and TOTAL (28.6% PI). TOTAL have entered

into an Asset Sale Purchase Agreement with PetroRio The minimum work programme committed as per the
Jaguar Petroleo Ltda for the transfer of their PI, subject to PSC under the exploration phase has been completed.
Government Approvals. The exploratory/appraisal wells drilled in the block
proved to be successful and indicated presence of oil and
During the exploration period in the concession, Wahoo
gas. The Drill Stem Tests (DST) conducted also
discovery was announced. All Minimum Work Program confirmed producible hydrocarbons from these wells
(MWP)/firm commitments of the concession are and has led to Oil & Gas discoveries in Badik, West Badik
completed in Exploration phase and in respect of firm and Parang fields of the block.
wells in Appraisal phase. Agência Nacional do Petróleo
(ANP), i.e. the regulator has approved the Operator’s The drilling of appraisal wells in Parang field, i.e. Parang-
proposal for the Appraisal phase in February 2019 with 2 and Parang-3 were successfully completed with a few
the intention to perform Long Term Testing (LTT) during gas bearing reservoir zones identified and tested. The
Development phase. Presently, deadline for submitting Operator plans to carry out geological, geophysical and
Declaration of Commerciality (DoC) is 30.03.2023. reservoir studies going forward.
Potiguar (BM-POT-16) Concession AUSTRALIA
The Concession is operated by Petrobras with 30% PI BPRL farmed into EP-413 (on-land) Shale Gas Block, in
and the other partners are IBV (20% PI), Petrogal (20% December 2010 acquiring a 27.803% Participating
PI) and BP (30% PI). The minimum commitment Interest (PI).
activities under exploration phase have been completed, AWE Perth Pty Ltd, a subsidiary of Australia Worldwide
including drilling of one exploration well called Exploration, with a PI of 44.252% and Norwest Energy
“Ararauna” in POT-M-760. Subsequent to withdrawal with a PI of 27.945% are the other consortium partners
notices being issued by BP and Petrogal, IBV has issued of the block, with Norwest Energy holding the
the withdrawal notice due to low prospectivity from Operatorship. All requisite minimum work program has
geological point of view. The Consortium still has firm been completed by the consortium
commitment of drilling one well under the Ararauna
Appraisal Plan and the terms of withdrawal are being In view of pending revised regulations on hydraulic
negotiated. fracturing, the regulator granted the extension of the
permit till 22nd February 2024.
INDONESIA
Considering the low prospectivity and lack of regulations
BPRL farmed in to Nunukan Block Production Sharing regarding hydraulic fracturing, it has been decided to exit
Contract (PSC) in September 2009 and has a the block.
Participating Interest (PI) of 12.5%, held through its step-
BLOCKS IN INDIA
down subsidiary BPRL Ventures Indonesia BV, in the
block. The Production Sharing Contract (PSC) was A. Operated Blocks:
signed on 12th December 2004 and is valid for a period of
i) NELP IX Block (CB-ONN-2010/8, Cambay Basin)
30 years, i.e. till 2034. The block is located in shallow
waters offshore of Bunyu Island in Tarakan basin of North Under NELP-IX bid round, BPRL led consortium was
Kalimantan province. awarded one on-land block CB-ONN-2010/8, in Cambay
basin. BPRL is the Lead Operator with 25% PI and the
PT Pertamina Hulu Energi Nunukan Company (PHENC), a
other consortium partners are GAIL (India) Ltd – 25% PI
wholly owned subsidiary of Pertamina, the National Oil
(Jt. Operator), Engineers India Ltd (EIL) – 20% PI, BF
Company of Indonesia, has 64.5% PI in the consortium
Infrastructure Ltd (BFIL) – 20% PI and Monnet Ispat &
and is the Operator for the block activities. Videocon Energy Ltd (MIEL) – 10% PI. Due to MIEL’s cash call
Indonesia holds the balance 23% PI. Pursuant to the cash payment default under the Joint Operating Agreement
call payment default of Videocon Indonesia Nunukan Inc. (JOA), the other non-defaulting parties have agreed to
(VINI), the Operator, in accordance to the Joint Operating distribute MIEL’s 10% PI in proportion to their existing
Agreement has submitted the documents for assignment share for which a request has been submitted to DGH for
of 23.0% PI from VINI to the other partners in the block approval and the matter is under active consideration at
for regulatory approval. DGH.

As Lead Operator of the block, BPRL undertook the Lease (PML) for Karaikal is yet to be received. The
committed Minimum Work Programme (MWP) of the Reports of non-commerciality of the contract areas of
initial exploration period of the Production Sharing B15, B127E, Bakhri Tibba and Sadewala were submitted
Contract (PSC) in the Initial Exploration Period. to DGH and requested for relinquishment of these
contract areas. DGH has approved the relinquishment of
During the initial exploration period, two discoveries were
Bakhri Tibba and Sadewala Contract areas. MoP&NG has
made in Pasunia#01 (PA#01) and Pasunia#02 (PA#02)
also issued notices of deemed termination for B15 and
wells. The approval of Petroleum Mining Lease (PML)
B127E contract areas. BPRL also requested DGH for
from Govt. of Gujarat has been received on 26.02.2019
relinquishment of Karaikal DSF Block due to PML not
for a period of 15 years. Environmental Clearance (EC) for
issued by Govt. of Tamil Nadu.
starting production and development activities has been
granted by Ministry of Environment, Forest and Climate B. Non-Operated Blocks
Change (MoEF&CC) on 30.07.2019.
i) NELP VII Block (RJ-ONN-2005/1, Rajasthan Basin)
As per Field Development Plan (FDP), the production
RJ-ONN-2005/1, an On-land block, was awarded by the
from discovery wells was planned in 2019. Based on the
Government of India on 22 December 2008, to a
latest estimates, the project is no longer economically
Consortium consisting of Hindustan Oil Exploration
viable and hence it has been decided to exit from the
Corporation (HOEC), BPRL, IMC Limited and Jindal
block. The necessary actions in this regard including plug
Petroleum Limited (JPL). HOEC is the Lead Operator and
& abandonment, waste management and site restoration
BPRL is the Joint Operator of this block. The Petroleum
are being undertaken.
Exploration License (PEL) for the block was granted by
ii) OALP Block (CB-ONHP-2017/9, Cambay Basin) the Government of Rajasthan on 13 July 2009. On award,
all the consortium partners had an equal participating
The block CB-ONHP-2017/9 in Cambay basin, Gujarat
interest of 25% each, in this block. BPRL’s PI was
was awarded to BPRL under Open Acreage Licensing
increased to 33.33% subsequent to JPL’s exit from the
Policy (OALP) Bid Round-I and the Revenue Sharing
block.
Contract (RSC) of the block was signed with Govt. of India
on 01.10.2018. BPRL is the Operator in the block with PI All the minimum work program commitments except
of 100%. Initial Exploration phase consists of three years drilling of six wells have been completed in the block. The
(extendable for one more year) to complete MWP. Govt. drilling of exploratory wells was delayed because of
of India has approved the assignment of 40% inordinate delay in obtaining clearance from Ministry of
Participating Interest to ONGC in November 2019 and Defence and Environmental clearance. The Lead
accordingly RSC has been amended. Operator HOEC submitted proposal to Directorate
General of Hydrocarbon (DGH) to exit the block and
Environmental Clearance for the project has been granted
waiver of Liquidated Damages (LD) in 2015 due to more
by State Environment Impact Assessment Authority
than two years delay in obtaining Environment clearance
(SEIAA), Gujarat, vide its letter dated 16.12.2020.
in line with Govt. policy dated 10.11.2014. However, the
Processing and interpretation of the 3D seismic data has same was turned down by DGH. DGH has recently
been completed for identification of drillable prospects. declined BPRL’s proposal for recommencement of
Further studies are being carried out for deciding the way exploration activities in the block and accordingly, BPRL
forward. is in the process of relinquishing the block.
iii) Discovered Small Field Blocks ii) NELP IX Blocks
BPRL was awarded 5 Contract Areas (2 offshore and 3 a) CB-ONN-2010/11 (Cambay Basin)
onshore) through the Discovered Small Field (DSF) bid
CB-ONN-2010/11, an On-land block was awarded by
rounds of 2016. The two offshore blocks (B15 and
Government of India to a Consortium consisting of GAIL,
B127E) are in the Mumbai Offshore basin, two in
BPRL, EIL, BFIL and MIEL. GAIL with 25% PI is the
Rajasthan (Bakhri Tibba and Sadewala) and one in
Operator of the block. BPRL with 25% PI is the Joint
Cauvery Basin, Tamil Nadu (Karaikal). Petroleum Mining
Operator of the block.

Due to MIEL’s cash call payment default under the JOA, COVID-19 pandemic. The AGC survey and 2D seismic
the other non-defaulting parties have agreed to distribute data acquisition have been completed in the block and 3D
MIEL’s 15% PI in proportion to their existing share for seismic data acquisition is currently in progress.
which a request has been submitted to DGH for approval. CY-ONHP-2017/1
The Management Committee has approved the Field Government of India under the Hydrocarbon Exploration
Development Plan (FDP) of Galiyana#1 well on 10 and Licensing Policy (HELP) through International
February 2020. Application for PML for the development Competitive Bidding awarded the block CY-ONHP-
area is in progress with Govt. of Gujarat. Operator has 2017/1 to ONGC under OALP 1 Bid Round. BPRL farmed
initiated the tendering for procurement of goods and into the blocks with PI of 40% in December 2019. Out of
services. the total block area of 731 sq. km, 579 sq. km is onshore
b) AA-ONN-2010/3 (Assam Arakan Basin) area and the remaining 152 sq.km is offshore area. PEL
has been granted for the offshore area. Meanwhile,
AA-ONN-2010/3, an On-land block was awarded by Government of Tamil Nadu, vide its extraordinary Gazette
Government of India to a consortium consisting of OIL, notification dated 24.02.2020 has prohibited
ONGC and BPRL. OIL with 40% PI is the Operator of the exploration, drilling and extraction of oil and natural gas
block. BPRL is having 20% PI and ONGC holds 40% PI in including coal-bed methane, shale gas and other similar
the block. The Petroleum Exploration License for the hydrocarbons from Nagapatttinam district and part of
block was granted by the Government of Assam with Cuddalore District. Major part of the entire envisaged
effect from 12 December 2013 which is valid up to prospective area of the block CY-ONHP-2017/1 falls
November 2021. within the Nagapatttinam district and part of Cuddalore
Though drilling of one well of 3,500 m was mentioned in District. Hence, the relinquishment of the block is in
the MWP, based on the G&G studies, the operator progress.
recommended to drill ultra-deep well of 6,450 m which iv) NELP IV Block (CY-ONN-2002/2 Madanam
would probe the entire Oligocene/Eocene area of the Field,Cauvery Basin)
block which was approved by the Management
BPRL has a PI of 40% in an On-land Block CY-ONN-
Committee (MC). Pre-drilling activities for the committed
2002/2 in Cauvery Basin with ONGC being the Operator
MWP well are currently in progress.
with 60% PI. During the exploration phase, the
iii) OALP I Blocks consortium has made one oil discovery viz. Madanam Oil
AA-ONHP-2017/12 (West Mechaki Block) Discovery. Based on the discovery, two appraisal wells
(MD-5 & MD-6) were drilled. The first appraisal well
Government of India under the Hydrocarbon Exploration (MD-5) flowed Gas, which was identified as Thirunagari
and Licensing Policy (HELP) through International gas discovery. The second appraisal well (MD-6) flowed
Competitive Bidding awarded the block AA-ONHP- Oil/Gas.
2017/12 to OIL under OALP I Bid Round. BPRL farmed
The consortium has completed drilling of 8 wells under
into the block with PI of 10% in December 2019. The
the development phase. Construction activities for the
other consortium partners of the block are OIL (60% PI)
setting up of Central Processing Facility (CPF) at
as operator, IOC (20% PI) and Numaligarh Refineries
Madanam, and laying of pipelines for evacuation of Oil /
Limited (10%). The total block is 489 sq. km in area of
Gas from the block are in progress.
which 488.50 sq. km is located in Assam and 0.5 sq. km is
located in Arunachal Pradesh. The block has commitment The block currently has 6 producing wells with a
of seismic API of 200 LKM 2D and 100 sq.km of 3D along combined daily average oil production of 1,632 BBLs.
with drilling of two exploratory wells. Additional During the FY 2020-21, 5,95,663 barrels (94,703 m3) of
committed work program includes Airborne Gravity oil and associated gas of 34 million m3 has been
Gradiometry (AGC) and GM survey of 951.5 LKM. produced from the block. In May 2021, monetization of
Gas has also commenced with supplies to GAIL.
PEL for the respective block areas were granted by Govt.
of Assam on 03 July 2019 and Govt. of Arunachal v) NELP VI Block (CY-ONN-2004/2, Cauvery Basin)
Pradesh on 18 December 2019. DGH has extended the Government of India, during year 2004, awarded this
exploration period till 23rd November 2023 due to On-land block to the consortium of BPRL and ONGC.

BPRL has a PI of 20% in this block and ONGC with a PI of ISRAEL
80% is the operator of the block.
The Consortium of BPRL, along with IOCL, OIL & OVL
The consortium has completed drilling of 4 exploratory was awarded with the Offshore Block-32 (with each
wells and 2 appraisal wells as on date. Out of the four partner holding 25% PI) in Israel by the Ministry of
exploratory wells drilled, one well (PN#8) produced Oil & National Infrastructure, Energy and Water Resources,
Gas during testing, and was declared as discovery well. Israel. The Petroleum license granted to the consortium
Based on the testing results of PN#8 well, the FDP was was valid up to 26th March, 2021. The Indus East
approved on 13.7.2017 and accordingly the block has Mediterranean Exploration Ltd. (IEMEL), a subsidiary of
entered into the Development Phase. OVL, is the Operator for the block.
The first two development wells drilled as per the The seismic (2D & 3D) data collection, prospectivity
development plan did not yield the desired results due to assessment and the report on data evaluation, re-
which additional studies like Critically Stressed Fracture processing requirements, etc. was carried out and the
(CSF) and Geo-Mechanical studies were carried out reports were submitted to Israeli Petroleum
during the current year. Based on the results of the Commissioner on 28th March, 2019. The report along
studies, a way forward is being firmed up for the block. with prospectivity analysis of the block has been
Relinquished Foreign Blocks submitted to the regulator. Due to very poor hydrocarbon
prospectivity, the consortium decided to relinquish the
TIMOR LESTE
block and the notice of relinquishment has been issued to
Bharat PetroResources JPDA Limited was incorporated Petroleum Commissioner, Israel. The Petroleum
as a wholly owned Subsidiary Company of BPRL for Commissioner, Israel approved the relinquishment in the
undertaking the exploration activities in the Block JPDA year 2020.
06-103 awarded to the Company, in the Joint Petroleum
BUSINESS PROCESS EXCELLENCE CENTRE (BPEC)
Development Area (JPDA), by the Autoridade Nacional
do Petroleo E Minerais (ANPM) of Timor Leste. BPCL has established a centralized set up for
It held a Participating Interest (PI) of 20% in the block transaction/document processing called Business
JPDA 06-103 Block in Timor Leste. The other Joint Process Excellence Centre (BPEC), which began with the
Venture (JV) partners of the block are Videocon JPDA 06- processing of non-hydrocarbon vendor payments in the
103 Limited (20% PI); GSPC JPDA Limited (20% PI) ; Company. BPEC processed Non Hydrocarbon vendor
Pan Pacific Petroleum (JPDA 06-103) Pty Ltd. (15% PI); payments seamlessly in spite of the new normal situation
Japan Energy E&P JPDA Pty Ltd. (15% PI), and Oilex due to COVID-19 pandemic. During the year 2020-21,
(JPDA 06-103) Ltd. (10% PI) as the operator of the block. BPEC processed 3.90 lakh invoices amounting to
` 11,400 crore with more than 88% of the invoices
ANPM (Regulator) terminated the PSC, on 15th July 2015, processed within 3 to 15 days of receipt at BPEC. Digital
with a demand of payment of termination cost & Invoice Management (DIM) initiative added value by
damages. The Consortium, while accepting the which 75% of vendor invoices were received digitally
termination requested for negotiation for amicable through the portal which not only reduced the processing
settlement of contractor’s liabilities upon termination. time but also resulted in promoting green initiative.
Various negotiations were held, however no consensus
was obtained. Micro Small and Medium Enterprises (MSMEs) play a
vital role in terms of contributions to sustainable
In October 2018, ANPM initiated Arbitration Proceedings development, socio-economic growth, employment
against the JV in the International Chamber of Commerce opportunities, eradication of poverty, etc., which are vital
(ICC), Singapore. for a developing country like India. In order to support the
ICC vide letter dated 18th September 2020 notified the Government of India Mission, BPCL has created a
award by consent dated 16th September 2020 in line with separate cell for MSMEs to ensure uninterrupted and
the Deed of Settlement signed between Operator and prompt payments to them.
ANPM, which was approved on 10th September 2020.
Trade Receivables Discounting System (TReDS) is a
Accordingly BPR JPDA Ltd has settled its liability upon digital platform to support micro, small and medium
termination. enterprises (MSMEs) to get their invoices financed at a

competitive rate through an auction where multiple received through these modes have been accorded top
registered financiers can participate. BPCL started priority.
invoice discounting for MSME vendors from December
Active Social Media Presence
2018. During the year 2020-21, BPCL discounted 1,800
invoices valuing ` 105 crore as against ` 100 crore during Engaging content and unique campaigns have helped
the year 2019-20. BPCL amplify its presence on social media. BPCL owned
social media assets like Facebook, Twitter, LinkedIn,
In the course of BPCL’s journey towards digital
Instagram and YouTube have been extensively leveraged
transformation, BPEC has migrated various standard
to promote digital content for enhancing the BPCL brand
processes in Accounts Receivable (AR) Management.
in the present circumstances when mobility is restricted.
This has resulted in effective governance through
enhanced internal controls, improvement in working During the year, BPCL used social media to launch
capital management, meaningful insights through data several marketing campaigns to improve sales, build
analytics, Automation and standardization of process, awareness and achieve marketing objectives. Some of
resulting in optimum utilization of resources and the major campaigns like ‘MAK Chala Gaon Ki Ore’,
transactional excellence. ‘Bharatgas Booking on WhatsApp’, ‘Bharatgas on
Amazon’, BPCL SBI Co-branded Card, ‘SmartDrive’ and
BRAND AND PUBLIC RELATIONS
other digital retail initiatives, gained tremendous
Having relentlessly built a place for BPCL in the hearts of traction.
people, the Brand and Public Relations (PR) team
The Company has developed a positive and active social
continued to function even during the lockdown. True to
media culture with 906 still content, 304 video content,
its core values of being innovative, caring and reliable,
more than 215 million impressions, 16 million video
BPCL positioned itself as a ‘Friend in Need' during the
views and 50 lakh engagements, achieving a historic
pandemic pandemonium in the year 2020-21. Working in
milestone of 2 million followers base on its social media
collaboration with SBUs and Entities, the Brand and PR
accounts, combined. The BPCL Facebook page achieved
team successfully delivered on functional and social
a historic milestone of 1.5 million followers, which is the
expectations of customers and the society, thereby
highest among Oil and Gas companies, both public and
crafting a unique identity for BPCL.
private, in India.
Reputation Management
Braving the COVID-19 Pandemic
BPCL employed a three-pronged strategy to boost the
Responding swiftly to the pandemic, BPCL redefined its
Company’s reputation: Firstly, with an aggressive media
communication to generate relevant content that drives
coverage of the initiatives by SBUs and Entities; secondly,
appropriate action during the COVID-19 pandemic, as
with positive storytelling on achievements and
the Company believes that a brand resides in the hearts
contributions to society; and thirdly, by leveraging social
and minds of the consumers. BPCL synchronized social,
media platforms to highlight the Company's efforts
digital and print media to create brand image of the
during the pandemic.
Company as the major value contributor for individuals
BPCL has unleashed the power of Online Reputation and the society. There were celebrity testimonial videos
Management (ORM) as a potent online listening and to promote BPCL’s Corona Warriors; vast media
responding tool to improve the equity of Brand Bharat coverage – both print and digital, covering entire supply
Petroleum. With the robust ORM tool, BPCL is equipped chain, showcasing how the Company is responding to
to monitor and respond to all conversations with various consumer segments. Younger followers of the
identified keywords, 24x7, across the World Wide Web. Company’s Instagram handle on the other hand, were
The ORM tool helps in monitoring feedback, suggestions engaged with celebrity chats.
and complaints and also generates reports on
First Ever Experience Centre
parameters like demographics and sentiment analysis.
With the rising popularity of digital and social media, BPCL launched the first ever Experience Centre in
customers have increasingly resorted to these modes of Chairman’s Office in Mumbai that captures the rich
communication; hence, resolution of their complaints history and heritage, the social good, as well as the
current and future offerings of the Company. The

storytelling reflects the journey from the fledgling days of BPCL’s Corporate R&D (CRDC) received the Federation of
Oil and Gas in India till today. The endeavor behind this Indian Petroleum Industry (FIPI) ‘Innovator of the year
Experience Centre is to inspire and remind future Team Award’ for developing Divided Wall Column (DWC)
generations and employees, the values and ethos of the technology for improving energy efficiency of distillation
organization since its early days. columns at the Refinery. CRDC along with Energy &
Environment Department, MR received the ‘CII Most
BPC Tarang
Innovative Environmental Project Award’ and the ‘Most
Format of the in-house radio channel, BPC Tarang, was Useful Environmental Project Award’ for the indigenous
further revamped to reach out to employees with development of the research product – Gasoline Sulphur
episodes dedicated to various activities, projects, Reduction Catalyst (BHARAT GSR CAT). CRDC was
success-stories, educational and motivational content, adjudged the winner under the ‘Best Innovation in
blending in a bit of entertainment. Episodes hosting R&D Institute’ category for development &
senior management before their superannuation and commercialization of indigenous eco-friendly drilling
employees showcasing their talent, were broadcast to base fluid. CRDC was also recognized for presenting the
bring in a personal touch in the content. best case study for Plastic Waste Management at the
India International Science Festival 2020. Yet another
The thoughtfully designed and implemented Brand and
achievement of CRDC was winning of the ‘Sustainability
PR efforts of BPCL during the year 2020-21, using
Award for the Best Green Process in the Petrochemical
relevant and engaging communications through novel
Sector’ for research on Petroleum Sludge Valorization during
media channels, remarkably stood out and received
the FICCI Chemicals and Petrochemicals Awards 2021.
appreciation and accolades. The efforts will go a long way
to further strengthen the positioning of brand BPCL as – Corporate HSSE bagged the Confederation of Indian
‘Innovative, Caring and Reliable’. industry (CII) Environmental Project Awards at the 7th
edition of the ‘CII Environmental Best Practices Award’
AWARDS & RECOGNITION
conference for best practices in the area of Environmental
BPCL ranks 792 on the Forbes Global list 2021, and 114 Protection. HSSE also received the ‘Global Platinum
as per the S&P Global Platts Top 250 Global Energy Award 2020 for Sustainability’ from The Energy and
Company rankings for 2021. Environment Foundation, in recognition of its
contribution, commitment, professionalism and actions
Kochi Refinery (KR) was adjudged the best in overall
that have made positive impact on the environment.
performance amongst refineries in 2020-21 by Centre for
HSSE was conferred the Responsible Business of the
High Technology while Mumbai Refinery (MR) was
year Award by Grand Thornton and Social and Business
recognized for best innovation. KR was the proud winner
Enterprise Responsible Awards (SABERA) in recognition
of the prestigious ASSOCHAM Innovators’ Excellence
of its contribution towards emission reduction,
Awards 2020, under the category ‘Innovation in
implementation of renewal energy and sustainability.
Environment and Sustainability’ for the Digital Twin
Refinery Emission Model. Gasoline Hydro Treatment Unit BPCL is the 10th best company in the world in the Oil and
(GTU) at MR was conferred the ‘12th CIDC Vishwakarma Gas sector with respect to Sustainability Benchmarking.
Award 2021’ for Best Construction Project by The percentile score improved from 45 to 72, way ahead
Construction Industry Development Council (CIDC) and of the average score of 38. BPCL presented information
‘Project of the Year 2020’ award by Project Management on the Environment, Social and Governance (ESG)
Institute (PMI). MR also bagged the prestigious parameters on sustainability on the Dow Jones
‘Excellence in Crisis Award’ by IMC Ramakrishna Bajaj Sustainability Indices (DJSI) platform for the first time
National Quality Award (RBNQA) Trust, in recognition of and demonstrated excellent per formance on
its laudable efforts in ensuring uninterrupted production sustainability. BPCL excelled on the CDP platform of
and supply of petroleum products during the pandemic. sustainability and climate change with the best rating in
Bina Oman Refineries Ltd. (BORL), BPCL’s subsidiary the Oil and Gas sector in India.
company, was awarded the FIPI Excellence Award 2020
BPCL’s Quality Assurance team was adjudged third in the
for Best Refinery in ‘The Refinery of the Year-Small
NABL National Conclave on the uniqueness of BPCL
Refineries – Capacity up to 9.0 MMTPA’ category.
Proficiency Test (PT) and Certified Reference Material

(CRM). BPCL is the first company in the field of innovative learning & development practices of the
production of CRM and PT Services in India for the Corporation.
petroleum testing laboratories as per ISO 17034 and ISO
INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY
17043 through the National Accreditation Board for
Testing and Calibration Laboratories (NABL). The Company has a robust internal control system
(including Internal Financial Controls over Financial
BPCL won awards for its in-house magazine ‘Petro Plus’
Reporting) that facilitates efficiency, reliability and
and the Corporate Intranet, ‘i-Connect’ at the 59th Annual
completeness of accounting records and timely
Awards of the Association of Business Communicators
preparation of reliable financial and management
of India (ABCI). BPCL won several awards at the Public
information. The internal control system ensures
Relations Society of India National Awards 2020 for
compliance with all applicable laws and regulations,
Excellence in Communications and Public Relations:
facilitates an optimum utilization of resources and
Best use of Social Media in campaign, Best Public
protects the Company’s assets and interests of investors.
Relations in action, Best Innovation in Customer Care
The Company has a clearly defined organizational
during Corona times, Best E-Newsletter, Innovation in
structure, well documented decision rights and detailed
Marketing Strategies in Corona Times, Excellence in
manuals and operating procedures for its business units
COVID-19 Management in Public Enterprises, Best
and service entities to ensure orderly and efficient
Communication Campaign (External Public), Best
conduct of its business. The internal control systems
Communication Campaign (Internal Public), Best PSU
(including Internal Financial Controls over Financial
Implementing RTI, Best House Journal-Hindi, Best
Reporting) are reviewed on an ongoing basis and
Employee Communication Program Award for
necessary changes are carried out to align with the
outstanding contribution in achieving communication
changing business/statutory requirements.
programs for its employees Campaign (ESE) and Best
Communication Campaign. BPCL was awarded the first The Company’s state-of-the-art ERP solutions (SAP) and
prize by SCOPE for the Best Corporate Communication Business Information Warehouse has inbuilt controls
Campaign and Program, Internal Communication, including the authorization controls. This further
at the SCOPE Corporate Communication Excellence enhances controls and ensures seamless exchange of
Awards 2020. information with access controls. The SAP systems
provide an audit trail of the transactions. The Company
BPCL’s excellent performance during the Swachhata
has a whistle blower policy and anti-fraud policy to
Pakhwada in July 2020 won the second place among Oil
address fraud risk.
& Gas PSUs for about 79,000 activities. BPCL was also
placed second in the ‘Swachhata Hi Seva’ campaign in The Company’s independent Audit function, consisting of
September-October 2020. professionally qualified persons from accounting,
engineering and IT domains, review the business
Reader’s Digest honoured BPCL’s MAK Lubricants with
processes and controls to assess the adequacy of the
the ‘Most Trusted Brand of India’ award. Under the
internal control system through risk focused audits. The
category ‘Excellence in Crisis’, LPG SBU was awarded
Internal Audit Department plans the annual audit plan to
Ramakrishna Bajaj National Quality Award for 2020.
cover various aspects of the business. The audit reports
BPCL was recognized as ‘Silver Partner’ easing out the
published by the Internal Audit Department are shared
lives of the citizens through high volume of transactions
with the Statutory/Government Auditors, who review the
on UMANG App.
efficacy of internal financial controls. Key business
BPCL was awarded first prize for its CSR activities by the process changes have been reviewed by the internal team
Indian Chamber of Commerce and Gold SKOCH Award before implementation.
for excellent response to COVID-19. Bharat Petroleum
The Audit Committee/Board regularly reviews significant
Learning Centre (BPLC) won the ‘Special Recognition
findings of the Internal Audit Department covering
Award’ for excellence in learning & development, PSU
operational, financial and other areas and provides
Category in the Society of Human Resources
guidance on internal controls.
Management (SHRM) Awards in recognition of the

DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS
In accordance with SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018, the 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:
Sl. Ratio Type Unit 2020-21 2019-20 Variation Explanation for changes
No. (In %)
1 Debtors Turnover No. of 7.88 6.62 19.10%
Ratio Days
2 Inventory Turnover No. of 28.62 23.46 21.97%
Ratio Days
3 Interest Coverage Times 21.02 3.96 430.81% The interest coverage ratio has
Ratio (Profit Before increased during current year as
interest and Tax + compared to previous year mainly
Depreciation)/Finance on account of substantial increase
cost in Profit coupled with decrease in
finance cost.
4 Current Ratio Times 1.12 1.09 2.67%
5 Debt Equity Ratio Times 0.48 1.26 -61.90% Debt Equity Ratio has decreased
(Excluding Lease mainly on account of repayment of
Liabilities) short term borrowings during the
year. Further total equity has
increased due to high internal
accruals during the year.
6 Operating Profit % 3.93 0.21 1813.18% The increase in operating profit
Margin Ratio (OPM) margin ratio is mainly due to
OPM = (Profit before increase in operating profit
exceptional Items and contributed by increase in the
Tax minus Other refining margin and marketing
Income)/Sales margin during the year 2020-21.
7 Net Profit Margin % 6.33 0.82 669.97% The net profit margin ratio has
Ratio increased mainly on account of
higher Profit after tax during the
year.
8 Return on Net Worth % 34.79 8.00 334.83% The return on net worth has
increased mainly on account of
higher Profit after Tax during the
year.

ANNEXURE-A
Particulars in regard to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
pursuant to the Companies (Accounts) Rules, 2014
Energy conservation efforts were received continuous focus, both in terms of improvement in operations/maintenance as
well as development of new projects. Continuous monitoring of energy consumption and hydrocarbon loss is undertaken
using sophisticated instruments, periodical audits, global bench marking, data acquisition system and robust online
energy portal along with MBN / unit wise energy models. Elaborate and systematic energy accounting and Management
Information Systems are the hallmark of Refinery operations.
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.
With the untiring efforts and commitment, MR successfully completed various energy conservation initiatives
which is reflected in the Specific Energy Consumption (SEC) at 64.3 MBN for FY 2020-21. This performance
(in spite of COVID-19 pandemic) 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 18 Encon schemes were implemented which helped us to
save 6,694 MTOE / year and to reduce CO2 emission by 21,086 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.
• Launch of an “Energy Portal” for on-line monitoring of Refinery process Performance along with MBN /
unit wise energy model analytics for prediction / planning purpose, including monitoring of “significant
Energy uses”.
• 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.
(ii) Steps taken by the Company for utilizing alternate sources of energy
Cumulative solar power generation for 2020-21 was 1,704 MWH/annum. 100% of conventional lights into
LED lights resulted in power saving of 9,840 MWH/annum.

(iii) The capital invested on energy conservation and estimated savings
Sr. Description of Schemes Capital Energy Savings

No. Investment Fuel Power
(` Crores) (MT/ (MWH/
Year) Year)
1 Shifting of SWS-1 load to SWS-4 in the view of saving steam. NIL 952
2 Condensate Recovery System (CRS) in CCR unit. 0.2 35
3 Shutdown of DHDS ATU (OLD ATU) and transfer of load to RMP NIL 690
ATU for saving steam.
4 Implementation of Condensate Recovery System (CRS) in CDU4. 1.94 495
5 Corro-coating of the CCR Cooling water pump for power saving. 0.1 540
6 Stoppage of standby CCR De-aerator BFW pump, due to impeller 0.2 391
size increment for power saving.
7 Replacement of existing Cooling water Supply pump in CPP by 0.083 191
new low life cycle cost (LLC) pump for power saving.
8 Replacement of existing Cooling water Supply pump in CPP by 0.083 182
new low life cycle cost (LLC) pump for power saving.
9 Use of Nitrogen in flare purge instead of Fuel Gas. NIL 533
10 Implementation of new APC strategy leading to reduction in NIL 714
steam consumption in CCR De-aerator.
11 Installation of IFC at Compressed Air System in Boiler House for 0.2 134
increasing reliability, leading to power saving.
12 APC implementation in DHT ATU: Optimized Lean Amine NIL 1,071
circulation based on Calculated Lean Amine Loading in DHT for
steam saving.
13 Interconnection of discharge headers of G-45/45S & RP-03 A/B 0.05 1,166
pumps & shutting down of G-45/45S pump for power saving.
14 Corro-coating of FCCU cooling water pump for power saving. 0.1 39
15 APC implementation in GTU for fuel saving by optimizing NIL 1,700
reactor WABT & H2/HC ratio in HDS reactors.
16 Replacement of existing MINAS Effluent pump in Utility by 0.25 183
new high energy efficient pumps for power saving.
17 Diversion of Old ATU flash drum off gases to Old SRU 0.1 50
Incinerator for fuel saving.
18 Procurement of Energy efficient RUA (Rotating Unit Assembly) 0.22 124
for crude pump P1 in PH1
Total 3.53 6,240 2,950
Kochi Refinery (KR)

(i) Steps taken for impact on conservation of energy
BPCL-KR Implemented 14 Nos. of Energy Conservation Schemes, having the potential savings of 37,480
MTOEs/Year & reduction of CO2 emission by 1,18,384 MT/Year. By optimizing plant operation and
implementing energy conservation schemes, the specific energy consumption (MBN) could be brought down
to 68.9.
94 Bharat Petroleum Corporation Limited 94

BPCL KR Energy management system was upgraded from ISO: 50001:2011 to ISO 50001:2018. BPCL- KR
obtained EnMS certification from M/s TUV India Pvt Ltd without appointing an external consultant in-spite of
the challenges of pandemic. Oil and Gas conservation mass awareness campaign SAKSHAM was observed
complying all the Covid protocols.
The following energy conservation and loss control measures were adopted during the year 2020-21, resulting
in significant fuel savings:
• Ejector rationalization in CDU2 and 3 for saving the motive MP steam
• Comprehensive steam trap management programme for entire steam trap population of refinery for
minimizing loss through traps
• Steam header rationalization for reducing the network size to minimize losses.
• Improving heat integration within and between units by maximizing hot feeds thereby reducing heater duty.
• Removal of heater MOVs in DCU for reduction in valve purging steam.
• Maximization of gaseous fuel there by reducing steam for heating, tracing and atomizing.
• Flare purge gas reduction in CEMP flare by sequentially replacing it with nitrogen.
• Optimization by changing operating philosophy of fractionation section in ARU
• Impeller trimming of crude booster pump in CDU2 and LCO pump around in PFCCU.
(ii) Steps taken by the Company for utilizing alternate sources of energy
100 % LED has been used in place of conventional lights in MSBP and PDPP units which resulted in power
saving of 4327 MWH/annum.
(iii) The capital invested on energy conservation and estimated savings

Year) Year)
1 Centralized contract for steam trap system management (STSM) 0.53 7,790
for entire population
2 Ejector rationalization in CDU2 and CDU3 including the Nil 14,899
condenser replacement in CDU3 leading to MP steam savings
3 Scheme for routing hot VR from CDU3 to BBU for heating Nil 424
Biturox feed
4 Scheme for routing CDU3 atmospheric column hot reflux drum 0.15 606
liquid directly to NSU1 thereby saving NSU re-boiler steam
5 DCU heater outlet 12 No’s of MOVs removed for saving the 0.26 3,210
valve purging steam
6 PFCCU charge heater was taken offline by managing the heat Nil 4,340
balance with hot feed and catalyst circulation thereby saving fuel gas
7 Impeller trimming of pumps in CDU2 crude booster pump 0.15 320
leading power savings and debottlenecking of unit
8 Impeller trimming of PFCCU LCO pump around enabling 0.10 360
reduction in power consumption and plant debottlenecking
9 Flare purge reduction in CEMP flare by replacing with nitrogen Nil 2,170
10 ARU fractionation section reflux ratio optimization Nil 2,423

Year) Year)
11 Scheme to dismantle MP LP lines to YP114 turbine 0.02 1,514
12 Schemes to dismantle steam lines to COB FD fan and atomizing
steam & MP LP lines to Ub6
13 Scheme to dismantle COB HP MP PRDS and associated lines
14 Scheme to dismantle 2" FO tracing line
Total 1.21 37,375 680
B. TECHNOLOGY ABSORPTION
Mumbai Refinery
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 Drillol (MAK Base 2.5 Cst) lubricating oil for deep water drilling, was launched. BPCL MR is
the only Indian Refinery to produce this lubricating oil under Make in India Initiative.
b. Processed 3 New LS crude oils in this year to widen the crude oil basket.
c. Completed implementation of Advanced Process Control optimization in all major process units of the
Refinery.
d. Ceramic ball was used in place of river sand for the first time in ARU clay towers.
e. Dashboard was introduced for monitoring of rich amine loading and velocity of all absorbers to improve
the reliability and to reduce energy consumption.
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 New Hydrogen Unit - Revamp M/s. Haldor Topsoe, Denmark 2017
2 Diesel Hydro Treatment (DHT) Unit M/s. Haldor Topsoe, Denmark 2017
3 Hydrocracker Unit - Revamp M/s. Chevron, USA 2017
4 NHT- Isomerization Unit M/s. GTC, USA 2017
5 VPSA Oxygen Unit M/s Linde, Germany 2018
6 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
i. The efforts made towards technology absorption and the benefits derived such as product improvement,
cost reduction, product development or import substitution:
a. KR launched a new grade of Bitumen namely VG-40 during the year.

b. Adopted Robotic Process Automation (RPA) and Optical Character Recognition (OCR) technologies for
automatic metadata extraction from engineering drawings and uploading to COMOS. Tendering activities
completed for scaling up RPA in functional areas like Procurement, Finance and HR. RPA helps in
improving efficiency of tasks with considerable time savings.
c. Real wear devices were used for remote commissioning of PDPP units and for inspection/ maintenance
services with remote support from vendors.
d. Processed 3 New crude oils in this year to widen the crude oil basket.
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. 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 Naphtha Hydro-treating 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 2: Units under commissioning phase
Items 4-9: Units under engineering phase
RESEARCH AND DEVELOPMENT (R&D)
1. Specific area in which R&D has been carried out
1. Process Intensification
2. Divided Wall Column (DWC) technology
3. AI based models for refinery CDU
4. Digitization approach for real-time Crude Assay for crude distillation monitoring and optimization
5. Software for predicting crude blend compatibility and optimization
6. Simulation models for refinery units
7. Vapor Recovery System (VRS)
8. Crude Oil Pipeline Corrosion Inhibitor Development
9. Catalyst and Catalytic Processes
10. Benzene Valorization
11. Residue up-gradation
12. CO2 Valorization

13. Energy Efficient Furnace Operation
14. Energy Efficient Heat Exchangers
15. Biofuels and Bio-chemicals
16. Efficient LPG Burner Design
17. Petrochemicals and Petrochemical processes
18. Low grade heat recovery
19. Syngas Valorization
20. BS VI grade Synthetic Engine Oil
21. Engine Oil with fuel economy benefit for heavy duty BS VI commercial vehicles
22. Hybrid Dual Clutch Transmission (DCT) Fluid for PCs /SUVs
23. Hybrid Automatic Transmission Fluid (ATF) for PCs/SUVs
24. High Performance Marine Engine Oils for new generation fuels
25. White Oils for industrial application
26. Cold Rolling Oil for Steel Rolling
27. Automotive Wheel Bearing Grease with 80,000 km drain interval
2. Benefits derived as a result of the above R&D
1. Continuous usage of “BPMARRK®: Real-time Crude Oil Characterization Software” in BPCL group
refineries (MR, KR & BORL) for crude column monitoring and optimization has resulted in value addition
of about ` 75 Crores.
2. Continuous usage of K Model has helped in processing opportunity / heavy crudes in BPCL group
refineries which has resulted in value addition of about ` 11 Crores along with enlarging crude basket.
BORL has added 12 new crudes in Crude Basket using K-Model.
3. In-house designed VRS Unit was successfully commissioned at BP COCO Greater Noida. The unit was
inaugurated for operation jointly by Retail SBU and CRDC in December, 2020. The system achieved
targeted 0.1 vol % MS recovery resulting in ~ ` 3.2 lakhs/annum savings and 8-10 MT/annum CO2
emission reduction for 300 KL/month RO.
4. 38 MT of BMCG additive was manufactured which resulted in value addition of about ` 12.23 Crores.
5. Based on crackability studies, heavy diesel streams were processed along with VGO in FCCU for
maximizing MS production.
6. Synthetic Engine Oil for ultra-low emission fuel efficient passenger cars meeting BS VI emission norms
developed.
7. Developed Engine Oil for heavy duty commercial vehicles offered fuel saving benefits to customers.
8. Hybrid Dual Clutch Transmission (DCT) Fluid for PCs /SUVs developed which are currently used by
Honda and Volkswagen.
9. Hybrid Automatic Transmission Fluid (ATF) for PCs / SUVs developed. Hybrid ATs are being employed by
a number of major OEMs including Hyundai, Kia and Daimler.
10. High performance Marine Engine Oils for new generation fuels meeting the International Maritime
Organization’s (IMO) global sulfur fuel cap (<0.5%) which created a platform to tap niche market in the
marine lubricant segment.
11. Eco-friendly White Oils developed with negligible aromatic (PAH), Sulphur and Nitrogen compounds.
12. Cold rolling oil for steel rolling was developed to generate new business in Steel Sector.
13. A new business in the premium segment developed based on Automotive Wheel Bearing Grease product
which has service life of 80,000 km.

3. Future R&D areas
1. Modeling approach for column overhead corrosion mitigation
2. Strategy to handle petrochemical plant effluents
3. Residue up-gradation to value added chemicals and products
4. Waste to energy and fuels
5. Alternate fuel (DME) process demonstration
6. Process intensification based on Cross Flow Reactor concept
7. Cost optimization for Bio-refineries
8. Niche petrochemical product development
9. Processes for CO2 to chemicals conversion
10. Synthetic engine oil for new generation fuel efficient motorcycles & scooters
11. Diesel engine oil with extended drain interval for off-highway application
12. Transmission oil for Metro Rail Car
13. OEM specific Fuel Efficient Manual Transmission Fluid
14. Long life Hydraulic Oil for Off-Highway applications
15. Premium Soluble Cutting Oil
4. Expenditure on R&D during 2020 - 21:
Particulars Expenditure
(in ` Crores) *
a) Revenue Expenditure 48.88
b) Capital Expenditure 37.76
Total 86.64
* includes salaries & depreciation
C. FOREIGN EXCHANGE EARNINGS AND OUTGO
The details of foreign exchange earnings & outgo are given below:
` in Crores
Particulars 2020-21 2019-20
Earnings in Foreign Exchange 6,615.55 15,167.55
- Includes receipt of ` 186.40 Crores (previous year ` 1098.16 Crores) in Indian
Currency out of total foreign currency billings made to foreign airlines and
` 287.09 Crores (Previous year ` 669.19 Crores) of INR exports to Nepal and
Bhutan of I&C, Lubes and Retail Customers.
Foreign Exchange Outgo 75,768.42 1,10,194.67
- On account of purchase of Raw Materials, Capital Goods, Chemicals, Catalysts,
Stores spares, International trading activities etc.

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 statement 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

No. Directorship of CSR Committee of CSR Committee
held during attended during
the year the year
i. Shri H. P. Shah Independent Director, Member 6 6
from 01.04.2020 to 09.07.2020
and Chairman of the Committee
(w.e.f. 10.07.2020)
ii. Shri Rajesh Aggarwal Government Nominee Director, 6 5
Member
iii. Dr. K. Ellangovan Government Nominee Director, 6 3
Member
iv. Shri K. Padmakar Director (Human Resources), 6 6
Member
v. Shri N. Vijayagopal Director (Finance), Member 6 6
vi. Shri V. S. Oberoi Independent Director, Chairman 6 N.A.
of the Committee, from
01.04.2020 to 09.04.2020).

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 voluntarily conducting impact assessments to evaluate the selected CSR programs. The Company
takes cognizance of sub-rule (3) of rule 8 of the Companies CSR Policy Rules 2014 and has initiated steps to conduct
impact assessment as per the said rule.
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. No. Financial Year Amount available for set-off Amount required to be
from preceding financial set- off for the financial year,
years (in `) if any (in `)
1. - NIL NIL
6. Average net profit of the company as per section 135(5) (` Cr.) : 6,812.60
7. (a) Two percent of average net profit of the company as per
section 135(5) (` Cr.) : 136.25
(b) Surplus arising out of the CSR projects or programmes
or activities of the previous financial years (` Cr.) : NIL
(c) Amount required to be set off for the financial year, if any (` Cr.) : NIL
(d) Total CSR obligation for the financial year (7a+7b-7c). (` Cr.) : 161.91 #
# Includes ` 25.66 Cr on account unspent b/f from FY 2019-20.
8. (a) CSR amount spent or unspent for the financial year:
Total Amount Amount Unspent
Spent for the Total Amount transferred Amount transferred to any
Financial Year. to Unspent CSR Account fund specified under Schedule VII
(in ` Cr.) as per section 135(6). as per second proviso to section 135(5).
Amount (in ` Cr.) Date of transfer Name of the Fund Amount Date of transfer
144.90 17.01 # N.A. N.A. N.A.
# Note: The unspent amount of ` 17.01 Cr. has been transferred to Unspent CSR (UCSR) Account on 30.04.2021 in
accordance with the Companies Act, 2013 read with the CSR Amendment Rules.
(b) Details of CSR amount spent against ongoing projects for the financial year.
List attached as Annexure-I (A) (` Cr.) : 70.98
(c) Details of CSR amount spent against other than ongoing projects for
the financial year. List attached as Annexure-I (B) (` Cr.) : 71.04
(d) Amount spent in Administrative Overheads (` Cr.) : 2.88
(e) Amount spent on Impact Assessment, if applicable (` Cr.) : NIL
(f) Total amount spent for the financial year (8b+8c+8d+8e) (` Cr.) : 144.90
(g) Excess amount for set off, if any : NIL

9. (a) Details of Unspent CSR amount for the preceding three financial years:
Sr. Preceding Amount Amount spent Amount transferred to any fund Amount
No. Financial Year transferred in the reporting specified under Schedule VII as per remaining to be
to Unspent CSR Financial Year section 135(6), if any spent in
Account under (in `) Name of Amount Date of Succeeding
section 135 (6) the Fund (in `) transfer financial years.
(in `) (in `)
1. - NIL - - NIL - -
(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.) : 52.04
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 capital asset(s) : None
b. Amount of CSR spent for creation of acquisition of capital asset (` Cr.) : NIL
c. Details of the entity or public authority or beneficiary under whose : Not Applicable
name such capital asset is registered, their address etc.
d. Provide details of the capital asset(s) created or acquired (including : Not Applicable
complete address 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).
The CSR budget for FY 2020-21 consists of ` 161.91 Crores which includes ` 136.25 Crores of 2020-21 and carried
forward unspent balance of ` 25.66 Crores from previous year. Against the above allocation of ` 161.91 Crores, an
expenditure of ` 144.90 Crores was incurred during the year. The shortfall of ` 17.01 Crores from the stipulated
prescribed spend is mainly on account of delay in completing the projects as per timelines, due to restrictions
imposed on account COVID-19 pandemic. These limitations resulted in non-availability of labour workforce,
disruptions in supply chain of materials, etc. which impacted most construction projects. Projects in skill
development and education could not be taken up due to non-functioning of schools and institutes. The unspent
amount of ` 17.01 Crores has been mapped against such projects where expenditure could not be incurred and have
been transferred to the UCSRA (Unspent CSR Account) and would be spent in accordance with the applicable CSR
Rules.
Sd/- Sd/- Sd/-

K. Padmakar N. Vijayagopal H. P. Shah
Director (HR) Director (Finance) Chairman - CSR Committee
Date : 23rd July, 2021

Details of CSR amount spent against ongoing projects for the financial year: Annexure-I (A)
Sr. Name of the Project Item from Local Location of the Project Project Amount Amount Ammount Mode of Mode of Implementation -
No. the list of (Yes/ State District Duriation Allocated Spent in transferred Implementation - Through Implementing Agency
Activities No.) for the Current to Unspent Direct (Yes/No)
in Project Financial CSR Account
Schedule (in Year for the
VII to ` Cr) (in `.Cr.) project as
the act. per Section
135(6)
(in ` Cr.)
State District Name CSR
Registration No.
1 Support for integrated development of communities (i) No Maharashtra Gadchiroli 48 months 14.59 4.05 3.25 No Tata Education and Not Applicable
Development Trust (TEDT) in FY 2020-21
2 Support for construction of Individual household toilet (i) No Odisha Balangir 36 months 2.80 0.84 0.56 No Habitat for Huminity Not Applicable
units in Balangir India (HFHI) in FY 2020-21
3 Cataract surgeries for needy persons living in rural (i) Yes Maharashtra Thane & 12 months 0.99 0.64 - No Sri Chaitanya Not Applicable
and tribal areas Palghar Seva Trust in FY 2020-21
4 Providing water and sanitation facilities to (i) Yes Maharashtra Thane & 18 months 0.98 0.64 - No Maharashtra Prathamik Not Applicable
Zilla Parishad schools Palghar Shikshan Parishad in FY 2020-21
5 Intensive support towards COVID-19 relief across (i) Yes All India All India 12 months 1.45 1.42 - Yes BPCL In-house Project Not Applicable
India (2020-21) in FY 2020-21
6 Swachhata Activity 2020-21 (i) Yes All India All India 12 months 6.14 3.87 - Yes BPCL In-house Project Not Applicable
in FY 2020-21
7 Project to reduce manual scavenging by providing (i) No Maharashtra Dhule 28 months 0.84 0.56 - No Dhule Municipal Not Applicable
manhole cleaning robots with accessories & training Corporation in FY 2020-21
on its usage- Dhule
8 Supporting healthcare through providing medical (i) Yes Maharashtra Mumbai 12 months 1.00 0.90 - No Lokmanya Tilak Municipal Not Applicable
equipment at hospital General Hospital & in FY 2020-21
Medical College
9 Project to reduce manual scavenging by providing (i) Yes Madhya Pradesh Indore & 24 months 4.24 3.48 0.10 No Indore Municipal Not Applicable
manhole cleaning robots with accessories & training & Tamil Nadu Coimbatore Corporation & Coimbatore in FY 2020-21
on its usage- Indore & Coimbatore Municipal Corporation
10 Supporting Cold Chain Equipment (CCE) for Storage of (i) Yes Haryana & Haryana & 18 months 2.21 0.87 - Yes BPCL In-house Project Not Applicable
COVID-19 vaccine Uttar Pradesh Uttar Pradesh in FY 2020-21
11 Support for Cancer care and cure (i) No All India All India 24 months 21.64 4.49 3.99 No Indian Cancer Society Not Applicable
in FY 2020-21
12 Contribution towards Skill Development Institute (ii) No Uttar Pradesh Raebareli 60 months 2.50 0.50 - No Skill Development Institute Not Applicable
Raebareli for operational expenses (2018-23) Society Raebareli in FY 2020-21
13 Project Akshar (ii) No Madhya Pradesh Nandurbar 48 months 11.61 0.97 - No Pratham Education Not Applicable
Foundation in FY 2020-21
14 Project Akshar (ii) No Madhya Pradesh Sagar 48 months 10.05 0.84 - No Pratham Education Not Applicable
Foundation in FY 2020-21
15 Contribution towards Skill Development Institute, (ii) Yes Andhra Pradesh Visakhapatnam 60 months 2.50 0.50 - No Skill Development Institute Not Applicable
Visakhapatnam for operational expenses (2017-22) (SDI)Visakhapatnam Society in FY 2020-21

104
VII to ` Cr) (in ` Cr.) project as
135(6)
(in ` Cr.)
Registration No.
16 Contribution towards Skill Development Institute, (ii) Yes Odisha Khordha 60 months 2.50 0.50 - No Skill Development Institute Not Applicable
Bhubaneswar, Odisha for operational expenses (2017-22) (SDI) Bhubaneswar in FY 2020-21
17 Contribution towards Skill Development Institute, (ii) Yes Kerala Ernakulam 60 months 7.50 1.50 - No Skill Development Society Not Applicable
Kochi for operational expenses (2017-22) (SDS) Kochi in FY 2020-21
18 Scaling up of remedial education for Children, in 40 (ii) Yes Odisha Khordha 24 months 0.92 0.53 0.16 No Ruchika Social Service Not Applicable
slums of Bhubaneshwar Organisation (RSSO) in FY 2020-21
19 Setting up of Ekal Vidyalaya in various (ii) No Madhya Pradesh, Barwani, 12 months 1.98 0.59 - No Friends of Tribals Not Applicable
Aspirational Districts Tamil Nadu, Ramanathapuram, Society (FTS) in FY 2020-21
Bharat Petroleum Corporation Limited

Uttar Pradesh, Shrawasti, Mewat
Haryana & Odisha & Balangir
20 Providing support for construction of Centre for (ii) Yes West Bengal Kolkata 36 months 9.56 3.34 - No Ramakrishna Mission Not Applicable
Human Excellence and Social Sciences Belur Math in FY 2020-21
21 Skill Development for underprivileged youth from (ii) No Madhya Pradesh Damoh, 18 months 4.56 1.59 - No Centre for Research & Not Applicable
Aspirational Districts Chhatarpur, Industrial Staff in FY 2020-21
Singrauli, Performance (CRISP)
Rajgarh,
Barwani, Vidisha,
Guna & Khandwa
22 Support for construction of high school building (ii) Yes Maharashtra Pune 18 months 1.49 0.82 - No Shree Bhuleshwar Shikshan Not Applicable
Prasarak Mandal in FY 2020-21
23 Enhancing infrastructure facilities to improve computer (ii) Yes Uttar Pradesh Etawah 12 months 0.98 0.54 - Yes BPCL In-house Project Not Applicable
and science education in school in FY 2020-21
24 Construction of additional classrooms with allied (ii) No Assam Darrang 12 months 4.84 1.93 - No District Administration Not Applicable
facilities in Govt. Primary Schools in FY 2020-21
25 Support for establishing a new Govt.Industrial Training (ii) No Tamil Nadu Nagapattinam 18 months 13.54 9.48 - No Directorate of Employment Not Applicable
Institute (ITI) at Sembodai and Training in FY 2020-21
26 Enhancing school infrastructure Girls' Higher (ii) Yes Tamil Nadu Chennai 18 months 1.88 0.94 - No Ramakrishna Mission, Not Applicable
Secondary School Belur Math in FY 2020-21
27 Project for ITI students promoting education at Karjat (ii) Yes Maharashtra Raigad 12 months 0.99 0.56 - Yes BPCL In-house Project Not Applicable
in FY 2020-21
28 Project for ITI students promoting education at Panvel (ii) Yes Maharashtra Raigad 12 months 0.97 0.83 - Yes BPCL In-house Project Not Applicable
in FY 2020-21
29 Supporting Centre of Excellence Project for girls at (ii) Yes Kerala Tripunithura 12 months 3.50 1.05 - No Tripunithura Municipality Not Applicable
higher secondary school, Tripunithura in FY 2020-21
104
VII to ` Cr) (in ` Cr.) project as
135(6)
(in ` Cr.)
Registration No.
30 Setting up of mini Science Centres in Govt. Aided schools (ii) Yes Maharashtra Mumbai 12 months 0.94 0.56 - No Seva Sahyog Foundation Not Applicable
in FY 2020-21
31 Support for infrastructure of existing school (ii) Yes Tamil Nadu Chennai 10 months 1.93 0.87 0.68 No Ramakrishna Mission Not Applicable
belur Math in FY 2020-21
32 Contribution towards Skill Development Institute (ii) Yes Assam Kamrup 36 Months 1.50 0.50 - No Skill Development Institute Not Applicable
Guwahati for operational expenses (2020-21) Guwahati Society in FY 2020-21
33 Contribution towards Skill Development Institute (ii) Yes Gujarat Ahmedabad 48 Months 2.00 0.50 - No Skill Development Society Not Applicable
Ahmedabad for operational expenses (2020-21) Ahmedabad in FY 2020-21
34 Support for Digitalization, Documentation, Organization (v) Yes New Delhi New Delhi 36 months 13.41 1.88 1.88 No Office of Development Not Applicable
and safe storage of the Art & Craft collections Commissioner, National in FY 2020-21
Crafts Museum / Hastkala
Academy, Delhi
35 Support for integrated development of communities (x) No Maharashtra Gadchiroli 48 months 14.22 4.05 1.20 No Tata Education and Not Applicable
Development Trust (TEDT) in FY 2020-21
36 Support for Bio-CNG plant & allied activities (x) Yes Odisha Puri 24 months 3.07 0.67 0.10 No Guru Govinda Go Not Applicable
Sevasrama (GGGS) in FY 2020-21
37 Development of rural road (x) Yes Kerala Ernakulam 18 months 4.75 1.22 - No Vadavucode Puthencruz Not Applicable
Grama panchayat in FY 2020-21
38 20 nos of projects wherein amount spent is less (i), (ii) No Pan India 30.39 8.87 4.13 Multiple Implementing Not Applicable
than Rs.50 lakhs per project during the year & (x) Agencies in FY 2020-21
39 38 nos of projects wherein amount spent is less
than Rs.50 lakhs per project during the year (i), (ii), (iv) Yes Pan India 50.89 3.08 0.96 Multiple Implementing Not Applicable
& (x) Agencies in FY 2020-21
Total 261.83 70.98 17.01
Sd/- Sd/- Sd/-


106
Details of CSR amount spent against other than ongoing projects for the financial year: Annexure-I (B)
1 2 3 4 5 6 7 8
Sr. Name of the Project Item from Local Location of the Project Amount Mode of Mode of Implementation -
No. the list of (Yes/ State District Spent in Implementation - Through Implementing Agency
Activities No.) for the Direct (Yes/No)
in project
Schedule (in ` Cr.)
VII to
the act.
Registration No.
1 Support procurement of MRI machine & CT Scan machine (i) Yes Odisha Cuttack 2.95 No Servants of The People Society Not Applicable in
FY 2020-21
2 Support for Cancer care and cure (i) Yes Maharashtra, Tamil Nadu, Mumbai, Bangalore, 3.08 No Indian Cancer Society (ICS) Not Applicable in
Karnataka, New Delhi & New Delhi &
Gujarat Ahmedabad FY 2020-21
3 Reducing avoidable disability through medical services
on the Lifeline Express-hospital on a train (206th) (i) No Assam & Arunachal Dhubri & Papum Pare 0.96 No Impact India Foundation (IIF) Not Applicable in

Pradesh FY 2020-21
4 Continuing support to Primary Healthcare project
through Mobile Medical Unit (2020-21) (i) Yes Gujarat, Jammu & Dahod, Amreli & Jammu 0.68 No Wockhardt Foundation Not Applicable in
Kashmir FY 2020-21
5 Spreading awareness on personal and menstrual (i) Yes Maharashtra Mumbai 0.67 No Citizens Association of Child Rights Not Applicable in
hygiene in Govt. schools of Chembur FY 2020-21
6 Construction of toilets for pilgrims at various halting stations (i) Yes Kerala Pathanmthitta 0.60 No District Collector, Pathanamthitta Not Applicable in
FY 2020-21
7 Support for medical equipment for COVID intervention (i) Yes Kerala Ernakulam 0.99 No National Health Mission, Ernakulam Not Applicable in
for ICU at Government Medical College FY 2020-21
8 Renewal of project to provide primary healthcare through (i) Yes Tamil Nadu Karur, Ennore & Thanjavur 0.67 No Wockhardt Foundation Not Applicable in
the operation of three Mobile units (2020-21) FY 2020-21
9 Ensuring clean drinking water and awareness programme (i) Yes Maharashtra Mumbai 0.61 No Citizens Association of Child Rights Not Applicable in
in low income schools FY 2020-21
10 Contribution to the Prime Minister's Citizen Assistance (i) No All India All India 25.00 No Prime Minister CARES Fund Not Applicable in
and Relief in Emergency Situations Fund (COVID-19) FY 2020-21
11 Intensive support towards COVID-19 (i) Yes All India All India 2.10 Yes BPCL In-house Project Not Applicable in
relief across India (2019-20) FY 2020-21
12 Support for procuring ventilators for Operation Theatres/ (i) Yes Karnataka Bangalore 0.95 No Kidwai Memorial Institute of Applicable Not in
Intensive Care Units Oncology, Bangalore FY 2020-21
13 Providing Medical supplies and consumables for (i) Yes Kerala Ernakulam 0.50 No National Health Mission, Ernakulam Not Applicable in
Govt. Covid Apex Centre to manage Covid-19 FY 2020-21
14 Construction of a new block in existing hospital building, (i) Yes Kerala Ernakulam 0.50 No Vazhakulam Block Panchayat Not Applicable in
Malayidamthuruth FY 2020-21
15 Construction of rural in-patient block for the hospital, (i) Yes Kerala Ernakulam 0.50 No AP Varkey Mission Not Applicable in
Edakkattuvayal FY 2020-21
106
1 2 3 4 5 6 7 8
Sr. Name of the Project Item from Local Location of the Project Amount Mode of Mode of Implementation -
No. the list of (Yes/ State District Spent in Implementation - Through Implementing Agency
Activities No.) for the Direct (Yes/No)
in project
Schedule (in ` Cr.)
VII to
the act.
Registration No.
16 Providing surgical equipment for a hospital (i) Yes Kerala Ernakulam 0.50 No General Hospital, Ernakulam Not Applicable in
FY 2020-21
17 Basic facilities for marginalised students (i) Yes Kerala Ernakulam, Wayanad, 0.50 No School Education Development Not Applicable in
during COVID pandemic Kasarkode & Idukki Society of Kerala (SEDSK) FY 2020-21
18 Enhancement of facilities in ground floor, (i) Yes Kerala Ernakulam 0.50 No Sevabharathi Angamaly Not Applicable in
Sukarma Vikas Kendra FY 2020-21
19 Support for construction of Vivekananda Kendra Academy (ii) Yes Odisha Bhubaneswar 0.52 Yes Vivekananda Kendra Academy, Not Applicable in
Bhubaneswar / Vivekanand FY 2020-21
Rock Memorial
20 Supporting infrastructure facilities for training in (ii) No Telangana Vikarabad 0.88 No Ekalavya Foundation Not Applicable in
organic farming and sustainable livelihoods FY 2020-21
21 Facility enhancement in Govt. school, Kanniattunirappu (ii) Yes Kerala Ernakulam 0.63 No Thiruvaniyoor Grama Panchayat Not Applicable in
FY 2020-21
22 38 nos of projects wherein amount spent is less than (i), (ii), No Pan India 5.00 Multiple Implementing Agencies Not Applicable in
` 50 lakhs per project during the year (iv) & (x) FY 2020-21
23 168 nos of projects wherein amount spent is less than (i), (ii), Yes Pan India 21.74 Multiple Implementing Agencies Not Applicable in
` 50 lakhs per project during the year (iv) & (x) FY 2020-21
Total 71.04
Sd/- Sd/- Sd/-


108
Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s): Annexure-I (C)
1 2 3 4 5 6 7 8 9
Sr. Project ID Name of the Project Financial Project Amount Amount spent Cumulative Status of
No. Year Duration Allocated on theproject amount spent project
in which for the in at the end of Completed /
the project Project thereporting reporting Ongoing
was (in ` Cr.) Financial Financial
commenced Year Year.
(in ` Cr.) (in ` Cr.)
1 2019-20/2 Support for construction of Individual household toilet units in Balangir,Odisha 2019-20 36 months 2.80 0.84 2.24 Ongoing
2 2019-20/9 Cataract surgeries for needy persons living in rural and tribal areas, Raigad, 2019-20 12 months 0.99 0.64 0.89 Ongoing
Maharashtra
3 2019-20/13 Providing water and sanitation facilities to Zilla Parishad schools in Thane & 2019-20 18 months 0.98 0.64 0.93 Ongoing
Palghar, Maharashtra
4 2019-20/17 Project to reduce manual scavenging by providing manhole cleaning robots 2019-20 28 months 0.84 0.56 0.80 Ongoing

with accessories & training on its usage-Dhule, Maharashtra
5 2019-20/18 Supporting healthcare through providing medical equipment at hospital, 2019-20 12 months 1.00 0.90 0.90 Ongoing
Mumbai Maharashtra
6 2019-20/25 Providing support for construction of Centre for Human Excellence and Social 2019-20 36 months 9.56 3.34 7.64 Ongoing
Sciences at Kolkata, West Bengal
7 2019-20/26 Skill Development for underprivileged youth from Aspirational Districts, 2019-20 18 months 4.56 1.59 2.05 Ongoing
Madhya Pradesh
8 2019-20/27 Support for construction of high school building at Chennai, Tamil Nadu 2019-20 18 months 1.49 0.82 1.20 Ongoing
9 2019-20/28 Enhancing infrastructure facilities to improve computer and 2019-20 12 months 0.98 0.54 0.64 Ongoing
science education in school, Etawah District, Uttar Pradesh
10 2019-20/29 Construction of additional classrooms with allied facilities in 2019-20 12 months 4.84 1.93 4.35 Ongoing
Govt. Primary Schools, Darrang, Assam
11 2019-20/31 Support for establishing a new Govt.Industrial Training Institute (ITI) at 2019-20 18 months 13.54 9.48 12.19 Ongoing
Sembodai, Tamil Nadu
12 2019-20/32 Enhancing school infrastructure Girls' Higher Secondary School, 2019-20 18 months 1.88 0.94 1.32 Ongoing
Chennai, Tamil Nadu
13 2019-20/35 Project for ITI students promoting education at Karjat, Maharashtra 2019-20 12 months 0.99 0.56 0.56 Ongoing
14 2019-20/36 Project for ITI students promoting education at Panvel, Maharashtra 2019-20 12 months 0.97 0.83 0.83 Ongoing
15 2019-20/38 Supporting Centre of Excellence Project for girls at higher secondary school, 2019-20 12 months 3.50 1.05 2.80 Ongoing
Tripunithura, Kerala
108
1 2 3 4 5 6 7 8 9
Sr. Project ID Name of the Project Financial Project Amount Amount spent Cumulative Status of
No. Year Duration Allocated on theproject amount spent project
in which for the in at the end of Completed /
the project Project thereporting reporting Ongoing
was (in ` Cr.) Financial Financial
commenced Year Year.
(in ` Cr.) (in ` Cr.)
16 2019-20/39 Setting up of mini Science Centres in Govt. Aided schools , Mumbai 2019-20 12 months 0.94 0.56 0.80 Ongoing
17 2019-20/40 Support for infrastructure of existing school, Chennai, Tamil Nadu 2019-20 10 months 1.93 0.87 0.87 Ongoing
18 2019-20/43 Support for Digitalization, Documentation, Organization and safe storage 2019-20 36 months 13.41 1.88 1.88 Ongoing
of the Art & Craft
19 2018-19/1 Contribution towards Skill Development Institute Raebareli for 2018-19 60 months 2.50 0.50 1.50 Ongoing
operational expenses (2018-23)
20 2018-19/2 Support for integrated development of communities, Gadchiroli, Maharashtra 2018-19 48 months 14.59 4.05 5.25 Ongoing
21 2018-19/6 Contribution towards Skill Development Institute, Kochi for operational 2018-19 60 months 7.50 1.50 6.00 Ongoing
expenses (2017-22)
22 2018-19/7 Scaling up of remedial education for Children, in 40 slums of Bhubaneshwar 2018-19 24 months 0.92 0.53 0.76 Ongoing
23 2018-19/8 Setting up of Ekal Vidyalaya in Barwani, Ramanathapuram, 2018-19 12 months 1.98 0.59 1.09 Ongoing
Shrawasti, Mewat & Balangir
24 2018-19/11 Support for integrated development of communities in Gadchiroli, Maharashtra 2018-19 48 months 14.22 4.05 6.91 Ongoing
25 2018-19/12 Support for Bio-CNG plant & allied activities in Puri Dist., Odisha 2018-19 24 months 3.07 0.67 0.93 Ongoing
26 2017-18/3 Project Akshar in Sagar, Madhya Pradesh 2017-18 48 months 11.61 0.97 4.46 Ongoing
27 2017-18/4 Project Akshar in Nandurbar Maharashtra. 2017-18 48 months 10.05 0.84 3.91 Ongoing
28 2017-18/5 Contribution towards Skill Development Institute, Visakhapatnam for 2017-18 60 months 2.50 0.50 2.00 Ongoing
29 2017-18/6 Contribution towards Skill Development Institute, Bhubaneswar, Odisha for 2017-18 60 months 2.50 0.50 2.00 Ongoing
30 2017-18/7 Development of rural road, Ernakulam Kerala 2017-18 18 months 4.75 1.22 4.28 Ongoing
31 33 nos. of projects wherein amount spent is less than ` 50 lakhs per project 31.61 8.13 17.40 Ongoing
during the year
Total 172.99 52.04 99.36
Sd/- Sd/- Sd/-


110
ANNEXURE TO THE DIRECTORS’ 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, 2021 AND NUMBER OF APPOINTMENTS MADE DURING THE PRECEEDING CALENDAR
YEAR, 2020
Name of the public Sector Enterprises: BHARAT PETROLEUM CORPORATION LTD.
Groups Representation of SCs/STs/OBCs/EWS Number of appointments made during the calendar year 2020
(As on 1.1.2021) By Direct Recruitment By Promotion By Other Methods
Total number SCs STs OBCs EWS Total SCs STs OBCs 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 5,459 895 366 1,103 2 11 0 0 0 0 0 0 0 0 0 0 0 0

Group-B 1,591 225 62 266 0 0 0 0 0 0 14 2 0 0 0 0 0 0
Group-C 1,528 206 75 496 0 0 0 0 0 0 189 13 1 0 0 0 0 0
* Group-D/Ds 790 135 58 170 1 0 0 0 0 0 0 0 0 0 0 0 0 0
Total 9,368 1,461 561 2,035 3 11 0 0 0 0 203 15 1 0 0 0 0 0
* Group-D/Ds-Group is merged
110
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, 2021 AND NUMBER OF APPOINTMENTS MADE IN THE
SERVICE IN VARIOUS GRADE IN THE YEAR 2020
NAME OF PSU : BHARAT PETROLEUM CORPORATION LTD.
JG Pay Scales Representation of SCs/STs/OBCs/EWS Number of Appointments made during the calendar year 2020
(in `) (as on 01.01.2021)
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
A 60000-180000 557 102 45 187 2 10 - - - - - - - - - - - -
B 70000-200000 1,609 230 109 403 - - - - - - - - - - - - - -
C 80000-220000 1,070 177 60 228 - - - - - - - - - - - - - -
D 90000-240000 904 152 72 162 - - - - - - - - - - - - - -
E 100000-260000 662 139 58 98 - - - - - - - - - - - - - -
F 120000-280000 399 72 17 19 - - - - - - - - - - - - - -
G 120000-280000 176 20 5 6 - 1 - - - - - - - - - - - -
H 120000-280000 57 3 - - - - - - - - - - - - - - - -
I 150000-300000 22 - - - - - - - - - - - - - - - - -
J 180000-340000 3 - - - - - - - - - - - - - - - - -
K 200000-370000 - - - - - - - - - - - - - - - - - -
TOTAL 5,459 895 366 1,103 2 11 0 0 0 0 0 0 0 0 0 0 0 0

112
ANNUAL STATEMENT SHOWING REPRESENTATION OF THE PERSONS WITH DISABILITIES (PWDs) IN SERVICE AS ON 01.01.2021 AND NO. OF
APPOINTMENTS OF PWDS (RECRUITMENT / PROMOTION) DURING THE CALENDAR YEAR 2020
GROUP TOTAL NUMBER OF EMPLOYEES NUMBER OF PWD EMPLOYEES * NO. OF APPOINTMENTS (2020)
(as on 01.01.2021) (as on 01.01.2021)
TOTAL TOTAL VH HH OH LD VH HH OH LD
1 2 3 4 5 6 7 8 9 10 11
“A" 5,459 110 14 10 86 -- -- -- -- –
"B" 1,591 38 5 3 30 -- -- -- -- –
"C" 1,528 30 7 10 13 -- -- -- -- –
"D/DS" 790 12 1 2 9 -- -- -- -- --

TOTAL 9,368 190 27 25 138 -- -- -- – –
* 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 or LD stands for Orthopaedically Handicapped / Locomotor Disability ( including persons suffering from locomotor disability , cereberal palsy, acid attack victims,
dwarfism, muscular dystrophy and leprosy cured)
LD or ID stands for Learning Disability / Intellectual Disability ( persons with autism, intellectual disability, specific learning disability and mental illness)
112
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 and collective decision making.
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 31st March 2021, the BPCL Board comprised 6 Directors represented by 3 Whole-time (Executive) Directors
including Chairman & Managing Director, 2 Part-time (Ex-Officio) Directors (Government Directors) and 1 Part-time
(Non-official) Director (Independent Director).
Shri V. S. Oberoi, Independent Director ceased to be the Director of company w.e.f. 10th April, 2020 on his demise.
Shri D. Rajkumar, Chairman & Managing Director superannuated on 31.08.2020 and Shri K. Padmakar, Director
(Human Resources) assumed additional charge of the post of Chairman and Managing Director w.e.f. 01.09.2020.
Shri R. Ramachandran, Director (Refineries) superannuated on 31.08.2020 and Shri A. K. Singh, Director
(Marketing) assumed additional charge of the post of Director (Refineries) w.e.f. 18.09.2020.
BPCL has taken up with the Government of India for nomination of requisite number of additional Independent
Directors with at least one woman Independent Director to fulfill the requirements under Regulation 17 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) and Section 149 of the
Companies Act, 2013.
In line with Regulation 17(1A) of the 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 2020-21, 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. 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 of 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 -

114
Particulars of Directors including their attendance at the Board/Members’ Meetings during the Financial Year 2020-21
Names of the Directors Academic Qualications Attendance out of 16 Attendance Details of Directorships held in Memberships held in Committees
Board Meetings held at the last other Companies as specied under Regulation
during the year and Annual (as on 31st March, 2021) 26 of SEBI (Listing Obligations
percentage thereof General and Disclosure Requirements)
No. of Meetings % Meeting Regulations, 2015
Attended
Whole-time Directors
Shri K. Padmakar Master’s degree in 16 100 Attended Chairman: Stakeholder’s Relationship
Director (Human Resources) Personnel Management 1. Bharat Oman Refineries Ltd. Committee: Member
with additional charge of from TISS, Bachelor’s 2. Numaligarh Refinery Limited
Chairman & Managing Degree in Agriculture (Upto 26.03.2021)
Director w.e.f. 1.9.2020 Director: Bharat Petroleum Corporation
1. Bharat PetroResources Ltd. Ltd.
2. Bharat Gas Resources Ltd.
Shri D. Rajkumar B.Tech (Elect) 5 100* NA# Chairman: -
Chairman & (IIT, Madras); 1. Numaligarh Refinery Ltd.

Managing Director PGDM from IIM 2. Bharat Oman Refineries Ltd.
(up to 31.8.2020) Bangalore Director:
1. Bharat PetroResources Ltd.
2. Petronet LNG Ltd.(Listed Entity-
Nominee Director of BPCL)
3. Bharat Gas Resources Ltd
Shri R. Ramachandran B. Tech (Chem) 5 100* NA# Chairman: -
Director (Refineries) 1. Petronet India Ltd.
(up to 31.8.2020) Director:
1. Bharat Oman Refineries Ltd.
2. Ratnagiri Refinery and
Petrochemicals Ltd
3. Bharat Gas Resources Ltd
Shri A.K. Singh Mechanical Engineering 16 100 Attended Chairman: -
Director (Marketing) & with first rank 1. Indraprastha Gas Ltd. (Listed Entity)
Additional charge as from NIT, Patna Director:
Director (Refineries) (formerly BCE, Patna) 1. Bharat Gas Resources Ltd.
w.e.f. 18.09.2020 2. Petronet LNG Ltd. (Listed Entity)
3. Bharat Oman Refineries Ltd.
Shri N. Vijayagopal A.C.A., LL.B. 16 100 Attended Director: Stakeholders’ Relationship
Director (Finance) 1. Bharat Oman Refineries Ltd. Committee:
2. Bharat PetroResources Ltd. Member-Bharat Petroleum
3. Bharat Gas Resources Ltd. Corporation Ltd.
4. Ratnagiri Refinery and Petrochemicals Ltd.
* Percentage computed by considering the meetings attended with the total meetings held during the Director’s tenure.
NA # : Not applicable
114
Particulars of Directors including their attendance at the Board / Members’ Meetings during the Financial Year 2020-21
Names of the Directors Academic Qualications Attendance out of 16 Attendance Details of Directorships held in Memberships held in Committees
Board Meetings held at the last other Companies as specied under Regulation
during the year and Annual (as on 31st March, 2021) 26 of SEBI (Listing Obligations
percentage thereof General and Disclosure Requirements)
No. of Meetings % Meeting Regulations, 2015
Attended
Non-Executive Directors
a) Government Directors
Shri Rajesh Aggarwal I.A.S., B. Tech (Computer 15 93.75 Not Director: -

Additional Secretary and Science & Engineering) Attended 1. Oil and Natural Gas Corporation Ltd.
Financial Adviser, MoP&NG from IIT (Delhi) (Listed Entity-Nominee Director
of Govt. of India)
2. Indian Strategic Petroleum Reserves Ltd.
Dr. K. Ellangovan I.A.S., PhD from IIT 13 81.25 Not Chairman: -
Principal Secretary Madras and MS from Attended 1. Malabar Cements Ltd.
(Industries & NORKA), Bangalore Medical 2. The Kerala Minerals and Metals Ltd.
Government of Kerala College 3. Nitta Gelatin India Ltd.
(Listed Entity-Nominee Director
of Govt. of India)
Director:
1. Kerala State Industrial Development
Corporation Ltd.
2. INKEL Ltd.
3. Overseas Keralites Investment and
Holding Ltd.
4. Norka-Roots (Sec 25 Company)
5. Kottayam Port & Container Terminal
Services Pvt. Ltd.
Non-Executive Directors
(b)Part time(Independent)
Shri H.P. Shah B. Sc (Maths) 16 100 Attended - Stakeholder’s Relationship
Committee:
Chairman-
Bharat Petroleum Corporation Ltd.
Shri V.S. Oberoi I.A.S., M.A. (Economics) NA # NA # NA # - Audit Committee :
(up to 9.4.2020) University of Delhi Chairman (up to 9.4.2020)
Bharat Petroleum Corporation Ltd.
N.A. # Not applicable
* Percentage computed by considering the meetings attended with the total meetings held during the Director’s tenure.
Note : Details of familiarization programmes imparted to Independent Directors are available on website of the Company : https://www.bharatpetroleum.com/About-BPCL/Our-

Policies.aspx
Board Meetings
Sixteen Board Meetings were held during the Financial Year 2020-21 on the following dates:-
14th May, 2020 3rdJune, 2020 10th July, 2020 13th August, 2020
31st August, 2020 4th September, 2020 23rd September, 2020 9th October, 2020
29th October, 2020 17th December, 2020 8th January, 2021 8th February, 2021
26th February, 2021 1st March, 2021 16th March, 2021 22nd March, 2021
The Company was 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 approved 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 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. As on 1st April 2020, the Audit Committee comprised of Shri V.S.
Oberoi, Independent Director, as the Chairman of the Committee and Shri H.P. Shah, Independent Director and Shri
Rajesh Aggarwal, Government Director, both as the Members of the Committee. During the Financial Year, Shri V. S.
Oberoi, due to his sad demise, ceased to be Chairman and member of the Audit Committee w.e.f. 10th April, 2020.
As on 31st March, 2021, BPCL has only one Independent Director, hence the Audit Committee could not be
reconstituted. BPCL has requested Govt. of India from time to time to nominate requisite number of Independent
Directors on the Board. After receiving the nominations, required Independent Directors will be appointed on the
Board and the Audit Committee will be reconstituted in terms of Listing Regulations and Companies Act, 2013.
Accordingly, at present the proposals of the Audit Committee are submitted to the Board for consideration.
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) Qualifications 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;
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.
Review of information by the Audit Committee:
The Audit Committee shall mandatorily review 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 shall be subject to review by the
Audit Committee.
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.
B) Project Evaluation Committee
The Project Evaluation Committee (PEC) comprising one Independent Director, one Government Director and
Director (Finance), evaluates and recommends projects costing over ` 500 Crore for Board approval.
Shri V.S. Oberoi, Independent Director ceased to be a Chairman w.e.f. 10th April 2020. Shri H.P. Shah, Independent
Director, Member was appointed as Chairman w.e.f. 10th July 2020.
As on 31st March, 2021, the Project Evaluation Committee comprises of Shri H. P. Shah, Independent Director as the
Chairman of the Committee and Shri N. Vijayagopal, Director (Finance), Dr. K. Ellangovan, Government Director as
members.

The PEC will evaluate, guide implementation, monitor, review and assess deliverables, provide recommendations
and advice to the Board for projects costing over ` 500 Crore including investments in Subsidiaries / Joint Ventures.
Two meetings of the PEC were held during the Financial Year 2020-21 on the following dates:
9th July, 2020 22nd March, 2021

Attendance at the Projects Evaluation Committee Meetings during the year 2020-21
Names of the Members No. of meetings attended %
Shri H.P.Shah, Chairman (w.e.f. 10.07.2020) 2 100
Shri V.S. Oberoi, Chairman (up to 09.04.2020) N.A. N.A.
Dr. K. Ellangovan, Member 2 100
Shri N. Vijayagopal, Member 2 100
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. As per the Listing Regulations read with Companies
Act, 2013, NRC is to be constituted with minimum 3 members out of which 50% is to be Independent Director. As on
1st April 2020, the Nomination and Remuneration Committee comprised of Shri V.S. Oberoi, Independent Director as
Chairman, Shri H.P. Shah, Independent Director and Shri Rajesh Aggarwal, Government Director as Members and
Shri K. Padmakar, Director (Human Resources) and Shri N. Vijayagopal, Director (Finance) being invitees.
During the Financial Year 2020-21, Shri V. S. Oberoi ceased to be Chairman w.e.f. 10th April, 2020. As on 31st March,
2021, BPCL has only one Independent Director. The Govt. of India has been requested from time to time to nominate
requisite number of Independent Directors on the Board. After receiving the nomination, required Independent
Directors will be appointed on the Board and in NRC in terms of Listing Regulations.
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.
D) Compensation and Remuneration Committee
The Compensation and Remuneration Committee was constituted by the Board in its meeting held on 13th August,
2020 comprising Shri H. P. Shah, Independent Director as Chairman, Shri Rajesh Aggarwal and Dr. K. Ellangovan,
Government Directors as members for purpose of administration, approvals and implementation of the Employee
Stock Purchase Scheme. SEBI vide letter no. CFD/DCR1/RG/OW/P/2020/20930/1 dated 03.12.2020 has granted a
relaxation regarding composition of Compensation Committee.
The Committee was authorized by the Board to decide 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 Guidelines and approved by the NRC of the Company.
Three meetings of the Compensation and Remuneration Committee were held during the Financial Year 2020-21 on
13th August, 2020, 4th September, 2020 and 28th September, 2020.

Attendance at the Compensation and Remuneration Committee Meetings:
Shri H.P. Shah, (Chairman) 3 100
Shri Rajesh Aggarwal, Member 3 100
Shri K. Ellangovan, Member 2 66.67
E) 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.
As on 31st March, 2021, the Stakeholders’ Relationship Committee comprises of Shri H.P. Shah, Independent
Director as Chairman, Shri N. Vijayagopal, Director (Finance) and Shri K. Padmakar, Director (Human Resources) as
its Members.
The Committee, at its meeting held on 22nd March, 2021, reviewed the services rendered to the Shareholders /
Investors including response to complaints / communications and expressed its satisfaction on the performance of
the Investor Relations Department of the Company. The said meeting was attended by all the Members of the
Committee.
Ms. V. Kala, Company Secretary acts as the Compliance Officer for matters related to investor relations.
During the Financial Year 2020-21, seven complaints were received from investors through SEBI, BSE and NSE,
which were attended to and resolved on priority basis.
F) 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.
Shri V.S. Oberoi, Independent Director ceased to be a Member from 10th April, 2020. Subsequently, Shri H. P. Shah,
Independent Director was appointed as the Chairman of the Committee w.e.f. 10th July 2020.
As on 31st March, 2021, the Committee comprised of Shri H.P. Shah, Independent Director, as Chairman of the
Committee, Shri Rajesh Aggarwal, Dr. K. Ellangovan, Government Nominee Directors, Shri N. Vijayagopal, Director
(Finance) and Shri K. Padmakar, Director (Human Resources) as Members.
Six meetings of the Corporate Social Responsibility Committee were held during the Financial Year 2020-21 on the
following dates:
10th July, 2020 13th August, 2020 9th October, 2020
29th October, 2020 8th January, 2021 8th February, 2021

Attendance at the Corporate Social Responsibility Committee Meetings:
th
Shri H.P. Shah, (Chairman w.e.f. 10 July, 2020) 6 100
Shri V.S.Oberoi, Chairman (up to 10th April, 2020) N.A. N.A.
Shri Rajesh Aggarwal, Member 5 83.33
Shri K. Ellangovan, Member 3 50
Shri K. Padmakar, Member 6 100
Shri N. Vijayagopal, Member 6 100
G) 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.
Shri V.S. Oberoi, Independent Director ceased to be Member w.e.f. 10th April, 2020 and Shri R. Ramachandran,
Director (Refineries) ceased to be a Member of the Committee w.e.f. 1st September, 2020 on his superannuation.
As on 31st March, 2021, the Committee comprised of Shri H.P. Shah, Independent Director as Chairman and Shri A. K.
Singh, Director (Marketing), and Shri N. Vijayagopal, Director (Finance).
During the Financial Year 2020-21, 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 :
3rd June 2020 8th January, 2021 8th February, 2021
The role and responsibilities of the Risk Management Committee include the following
A. 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.
B. To ensure that appropriate methodology, processes and systems are in place to monitor and evaluate risks
associated with the business of the Company;
C. To monitor and oversee implementation of the risk management policy, including evaluating the adequacy of
risk management systems;
D. To periodically review the risk management policy, at least once in two years, including by considering the
changing industry dynamics and evolving complexity;
E. To keep the board of directors informed about the nature and content of its discussions, recommendations and
actions to be taken;
F. The appointment, removal and terms of remuneration of the Chief Risk Officer (if any) shall be subject to review
by the Risk Management Committee.
G. 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.

H) 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;
I) 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;
J) 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;
K) Review and recommend any other proposal in relation to Risk Management to be put up to the Audit
Committee/Board.
H) 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.
Shri R. Ramachandran, Director (Refineries) ceased to be a Member of the Committee w.e.f. 1st September, 2020
on his superannuation. Shri N. Vijayagopal, Director (Finance) was appointed as Member of the Committee w.e.f.
8th January, 2021.
As on 31st March, 2021, the Committee comprised of Shri H.P. Shah, Independent Director as Chairman and Shri A.K.
Singh, Director (Marketing) and Shri N. Vijayagopal, Director (Finance) as Members.
Two meetings of the Sustainable Development Committee were held during the Financial Year 2020-21 on 9th July,
2020 and 22nd March, 2021 which were attended by all the Members.
I) Separate Meeting of Independent Directors
At present, BPCL has only one Independent Director due to which Separate Meeting of Independent Directors could
not be held during the year. BPCL, being a Government Company, the appointment of all Directors including
Independent Directors is made as per the nomination from Govt. of India and accordingly request has been made to
Govt. of India from time to time for nomination/appointment of requisite number of Independent Directors.
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 Director received sitting fees of ` 40,000/- for each of the Board/Committee Meetings
attended during the Financial Year 2020-21. The amount of sitting fees payable to Independent Directors was fixed at
the Board Meeting dated in line with Regulation 17(6)(a) of Listing Regulations. 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 2020-21 are as
follows:-
Name of Directors All elements of remuneration packages of the Directors Total

i.e. salary, benets, bonus, pension, etc. # (`)
Salary & Contribution to Other Performance
Allowances Provident Fund Benets & Related Pay
(`) & Other Funds Perquisites (`)
(`) (`)
Shri D. Rajkumar 14,29,897 3,14,577 87,43,176 3,57,836 1,08,45,486
Chairman & Managing Director
(up to 31.08.2020)
Shri R. Ramachandran 13,55,676 2,98,249 84,87,995 7,02,195 1,08,44,115
Director (Refineries)
(up to 31.08.2020)
Shri K. Padmakar 32,73,296 7,20,125 15,21,071 13,44,625 68,59,117
Chairman & Managing Director
(w.e.f.1.9.2020) & Director
(Human Resources)
Shri A. K. Singh 32,09,838 7,06,164 37,11,865 12,22,737 88,50,604
Director (Marketing) & Director
(Refineries) (w.e.f. 18.09.2020)
Shri N. Vijayagopal 31,89,444 7,01,678 19,44,610 11,74,715 70,10,447
Director (Finance)
TOTAL 1,24,58,151 27,40,793 2,44,08,717 48,02,108 4,44,09,769
# During the year, the Corporation has approved Employee Share Based Payment Scheme, and the options have been
granted to its eligible employees including Whole Time Directors. Since, such Stock Options have not been exercised
as on 31st March 2021, no perquisite or benefit is immediately conferred upon the employee by grant of such Options,
and accordingly the impact on such grants have not been considered as remuneration for the year 2020-21.
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 2020-21.
The sitting fees paid to Shri H.P. Shah, Independent Director for attending the meetings of the Board/Committee
during the Financial Year 2020-21 were ` 14,80,000.
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 Venue
of the Meeting
65th Annual General 11th September, 2018

Meeting at 10:30 a.m. Y.B.Chavan Auditorium, Yashwantrao Chavan
th th Pratishthan, General Jagannathrao Bhosale Marg,
66 Annual General 30 August, 2019
Mumbai 400 021
Meeting at 10.30 a.m.
67th Annual General 28th September, 2020 Video-Conferencing/ Other Audio Visual Means
Extra-ordinary General 25th March, 2021 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 Special Resolutions passed at the Meeting
of the Meeting
65th Annual General 11th September, 2018 1. Approval of Private Placement of Non-Convertible
Meeting at 10:30 a.m. Bonds/Debentures and/or Debt Securities;
66th Annual General 30th August, 2019 1. Reappointment of Shri Rajesh Kumar Mangal as
Meeting at 10.30 a.m. an Independent Director.
67th Annual General 28th September, 2020 1. Approval of ‘BPCL Employee Stock Purchase
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 General 25th March, 2021 1. Approval for disinvestment of the entire equity
Meeting at 10.30 a.m. shares held in Numaligarh Refinery Limited, a
material subsidiar y of Bharat Petroleum
Corporation Limited.
c. There was no Special Resolution passed through Postal Ballot in the year 2020-21 and presently, there is no
Special Resolution proposed through Postal Ballot.
The statement 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.

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 quarterly
and annual results were published were published in various editions of leading newspapers. The Auditor’s Report on
Limited Review/ Annual Audited Financial Results were filed with the Stock Exchanges. The quarterly and annual
results were sent to the Shareholders at their registered email Ids.
The periodic 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 Results conference call were held with institutional investors and analysts on the following dates. The
transcripts of the conference calls are available on the website of the Company at www.bharatpetroleum.in.
Sr. No. Date Details
th
1. 14 August, 2020 Q1 Results
2. 30th October, 2020 Q2 and Half yearly
th
4 9 February, 2021 Q3 and 9 Months
5. 27th May, 2021 Q4 and Annual
7) General Shareholders’ / Members information:

SEBI has included BPCL shares for compulsory trading in dematerialised form.
Annual General Meeting: Monday, 27th September, 2021 at 10:30 a.m. IST
Date, Time and Venue The Company is conducting the meeting through VC / OAVM pursuant to the MCA
Circulars. For details please refer to the Notice of this AGM.
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 Unaudited/
Board Meeting publication Audited
Apr-Jun 2020 13th August, 2020 14th & 15th August, 2020 Unaudited
Jul-Sep 2020 29th October, 2020 30th October, 2020 Unaudited
8th February, 2021 9 & 10th February, 2021
th
Oct-Dec 2020 Unaudited
Jan-Mar 2021 26th May, 2021 27th & 28th May, 2021 Audited
F.Y. 2020-21 26th May, 2021 27th & 28th May, 2021 Audited
Dividend Payment Dates Date of Board Meeting Amount per equity share Date of Payment of
approving declaration of for face value of ` 10/- the Dividend on:
Interim Dividend for FY
2020-21:
First Interim Dividend : ` 16/- 4th March, 2021
8th February, 2021
Second Interim Dividend: ` 5/- 9th April, 2021
16th March, 2021
The Board has recommended Final Dividend of ` 58 per equity shares of ` 10 each.

Date of Book Closure Saturday, 18th September, 2021 to Monday, 27th September, 2021 (both days
inclusive), for the purpose of AGM.
Debt Securities The details of listing of Non-convertible Debentures issued by the Company are given
below:
BPCL Debentures 2017-Series I Listed on wholesale debt market
(` 550 crore issued on segment of BSE and NSE
10th March 2017)
BPCL Debentures 2018-Series I Listed on wholesale debt market
16th January 2018)
BPCL Debentures 2019 Series I Listed on wholesale debt market
11th March 2019)
BPCL Debentures 2020 Series I Listed on wholesale debt market
(` 1995.20 crore issued on segment of BSE and NSE
6th July 2020)
Debenture Trustee SBI CAP Trustee Company Ltd

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 for all debt instruments or any fixed deposits or scheme
or proposal of listed entity involving mobilization of funds
Instruments Rating Rating at the Changes during Ratings at the Ratings as on
Agency beginning of the year end of year date
the year
Non-Convertible CRISIL CRISIL AAA No change CRISIL AAA CRISIL AAA
Debenture (Stable) – (Stable) – (Rating (Stable) – (Rating
1. BPCL Debentures (Rating Watch Watch with Watch with
2017-Series I with Developing Developing
2. BPCL Debentures Developing Implications) Implications)
2018-Series I Implications)
3. BPCL Debentures
2019-Series I
4. BPCL Debentures
2020-Series I
(issued on 6th
July’20)
Non-Convertible CARE CARE AAA No change CARE AAA (Stable) CARE AAA (Stable)
Debenture (Stable) (Rating Watch with (Rating Watch
1. BPCL Debentures (Rating Developing with Developing
2017-Series I Watch with Implications) Implications)
2. BPCL Debentures Developing
2018-Series I Implications)
3. BPCL Debentures
2019-Series I
4. BPCL Debentures
2020-Series I
(issued on 6th
July’20)
Bank Facilities - CRISL CRISIL AAA No change CRISIL AAA CARE AAA
Long Term (Stable) – (Stable) – (Rating (Stable) (Rating
(Rating Watch Watch with Watch with
with Developing Developing
Developing Implications) Implications)
Implications)
Bank Facilities - CRISL CRISIL A1+ No change CRISIL A1+ CRISIL A1+
Short Term
Commercial Papers CRISL CRISIL A1+ No change CRISIL A1+ CRISIL A1+
Commercial Papers CRISL CRISIL A1+ No change CRISIL A1+ CRISIL A1+

Instruments Rating Rating at the Changes during Ratings at the Ratings as on
Agency beginning of the year end of year date
the year
Senior Unsecured Fitch BBB-(Stable) On 18.06.2020, BBB-(Negative) BBB-(Negative)
Debt-Foreign Fitch had changed
Currency the India’s sovereign
outlook from Stable to
Negative. With this
change in India’s
sovereign outlook from
Stable to Negative, Fitch
had also changed BPCL’s
outlook from BBB-
(Stable) to BBB-
(Negative)
Senior Unsecured Moody's Baa2 (Negative) On 02.06.2020, Baa3 Baa3 (Negative)
Debt-Foreign Moody’s had (Negative)
Currency downgraded India’s
sovereign rating
from Baa2 to Baa3.
With this change in the
sovereign rating of India,
Moody’s had also
changed BPCL’s rating
from Baa2 (Negative)
to Baa3 (Negative)
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 Ltd.
Exchange Plaza, Plot No. C/1 Bandra Kurla Complex, BPCL
Bandra (E), Mumbai 400 051.
The Listing Fees have been paid for the year 2021-22 to both the above Exchanges.
ISIN Number For National Securities Depository Ltd. (NSDL) INE029A01011
& Central Depository Services India Ltd. (CDSL)
for equity shares
Market Price Data High, low during each month in the last financial year Please see Annexure I
Performance in comparison to broad based indices Please see Annexure II
i.e. BSE 100

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
Fax: 91-44-2821 4636
Email bpcl@dsrc-cid.in
Share Transfer A Committee comprising two Whole-time Directors considers the requests for
System transmission of shares, dematerialisation of shares, etc. A Committee comprising of four
Directors i.e. two Whole-Time Directors and two Part-time Directors considers Time
Directors and two Part-time Directors considers requests for issue of share certificates.
Requests for dematerialization of shares are processed and confirmation is given to the
respective depositories viz. NSDL and CDSL within 15 days. Transfer of Equity Shares in
electronic form are effected through the depositories and the Company does not have any
involvement in the same
Distribution of Shareholders No. of Shares Held % of holding
Shareholding as on 1) Govt. of India 1,14,91,83,592 52.98
31st March, 2021
2) Govt. of Kerala 1,86,66,666 0.86
3) BPCL Trust for Investments in Shares 3,29,60,307 1.52
4) Mutual Funds/ UTI 35,52,97,954 16.38
5) Financial Institutions/ Banks 24,69,149 0.11
6) Insurance Companies 14,79,01,848 6.82
7) Foreign Institutional Investors 26,94,92,096 12.42
8) Bodies Corporate 2,13,52,599 0.98
9) BPCL ESPS Trust 4,33,79,025 2.00
10) Others 12,85,49,508 5.93
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,

st
98.99% are held in dematerialised form
shares and liquidity and balance in physical form as on 31 March, 2021.
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
Lubricant Plants : Wadilube LOBP, Mallet Road, Chinchbunder, Wadibunder,
Mumbai 400009
Sewree C-Installation, Sewree Fort Road, Sewree (East),
Mumbai 400 015
LOBP Tondiarpet, Post Box No.1152, 35 Vaidyanatha Mudali
Street, Tondiarpet, Chennai 600081
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 Pvt. Ltd.
RoadBallard Estate, Mumbai 400 001 19, Pycrofts Garden Lane,
Tel. 022 – 2271 3170 / 2271 3435 Off. Haddows Road, Nungambakkam,
Fax. 022 – 2271 3759/022- 2271 3688 Chennai- 600 006
Email : ssc@bharatpetroleum.in Ph: +91-44-2821 3738 / 2821 4487 Fax:
91-44-2821 4636
Email : bpcl@dsrc-cid.in
Investors’ 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:
Data Software Research Co. Pvt. Ltd. (DSRC)
C/o. Bharat Petroleum Corporation Ltd.
Bharat Bhavan 4 & 6 Currimbhoy Road,
Ballard Estate, Mumbai 400 001
Tel. No. 022 – 2271 3170 Fax. No. 022 – 2271 3759 / 022-2271 3688
Email :z_dsrc@bharatpetroleum.in
This Centre has been effectively catering to the needs of the Members / Investors. It facilitates our efficient investor
complaint redressal mechanism.
For any assistance/information on share related matters such as transfer / transmission of shares, issue of duplicate
share certificates, dividend etc., or for redressal of any grievance in this regard, Members / Investors located in
western region/other places may get in touch with ISC at the above address.
Further, BPCL has designated an exclusive e-mail ID: ssc@bharatpetroleum.in for the purpose of communication
from Members including investor complaints.
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 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 a Woman Independent Director as required under Regulation 17(1)(a) on its
Board of Directors during the year.
2. The Company did not have an optimum combination of executive and non-executive directors as required
under Regulation 17(1)(a), for the period from 01.04.2020 to 31.08.2020.
3. The Company did not have requisite number of Independent Directors as required under Regulation 17(1)(b)
on its Board of Directors during the year.
4. The Company did not conduct evaluation of independent directors to be done by the entire board of directors
as required under Regulation 17(10) due to the Company being a Government Company.

5. The Company did not have minimum three directors as members in the Audit Committee and two-thirds of
the members as Independent Directors as required under Regulation 18(1)(a) and (b) respectively for the
period from 10.04.2020 to 31.03.2021.
6. The Company did not have an Independent Director as Chairperson of the Audit Committee as required
under Regulation 18(1)(d) for the period from 10.04.2020 to 31.03.2021.
7. The Audit Committee of the Company did not hold any meeting as required under Regulation 18(2)(a)
during the year.
8. The Company did not have at least three directors as members in the Nomination and Remuneration
Committee as required under Regulation 19(1)(a) for the period from 10.04.2020 to 31.03.2021.
9. The Company did not have Chairperson of the Nomination and Remuneration Committee as an Independent
Director as required under Regulation 19(2) for the period from 10.04.2020 to 31.03.2021.
10. The Nomination and Remuneration Committee of the Company did not hold any meeting as required under
Regulation 19(3A) during the year.
11. All related party transactions requiring prior approval of the Audit Committee under Regulation 23(2) was
instead approved by the Board of Directors.
12. Omnibus approval as well as quarterly review of the related party transactions, as required under Regulation
23(3) was undertaken by the Board of Directors instead of Audit Committee.
13. Review of the financial statements, in particular, the investments made by the unlisted subsidiary, as
required under Regulation 24(2), was undertaken by the Board of Directors instead of the Audit Committee.
14. In view of the presence of only one Independent Director on the Board of the Company from 10.04.2020 to
31.03.2021, no meeting of the Independent Directors was held as required under Regulation 25(3) and (4),
during the year.
15. The Company did not appoint any independent director in place of resigning Independent Director within the
period stipulated under Regulation 25(6) during the year.
Since 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 lndia. 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 Listing Regulations. As BPCL has
presently only one Independent Director, BPCL could not reconstitute Audit Committee and Nomination and
Remuneration Committee as per the provisions under the said Act and Regulations and conduct their meetings
as well as meeting of lndependent Director. All the obligations of these Committees were exercised by the Board
of Directors. After receipt of nomination from the Govt. of India, BPCL would be able to comply with the above
requirements under the Companies Act, 2013 and Listing Regulations.
d. BPCL has also implemented the Whistle Blower Policy, which provides vigil mechanism guidelines 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 provisions of the laws and guidelines of regulatory authorities including
SEBI, and covenants in the agreements with the Stock Exchanges and Depositories. While Stock Exchanges have
issued notices levying penalty for non compliance of Listing Regulations relating to Board composition, no
penalty / strictures have been imposed by them. 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 Financial Statements with unmodified audit opinion.
f. The web link for policy for determining ‘material’ subsidiaries is as follows: https://www.bharatpetroleum.com/
about-bpcl/our-policies.aspx
g. The web link for policy on dealing with related party transactions is as follows:
https://www.bharatpetroleum.com/about-bpcl/our-policies.aspx . The policy also covers material related party
transactions as required under Regulation 23 of Listing Regulation. 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 Regulation.
h. The web link for policy dealing with familiarisation programmes imparted to Independent Directors is as follows:
https://www.bharatpetroleum.com/about-bpcl/our-policies.aspx.
i. The Company bought 88,86,13,336 equity shares of Bharat Oman Refineries Ltd. (BORL) constituting to 36.62%
of the total equity share capital of BORL for a consideration of approx. ` 2,399.26 crore and the Company has
100% stake in BORL. BORL has carried out Secretarial Audit by Practising Company Secretary.
j. During the financial year, there were no funds raised by way of preferential allotment or through issue of non-
convertible debentures or bonds.
k. A certificate from M/s. Dholakia & Associates LLP, 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.
l. 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.
m. 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).
n. 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.
o. Disclosures with respect to demat suspense account/unclaimed suspense account: No Shares are kept under
demat/unclaimed suspense account.
p. 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 0.49% and
0.46% of the total expenses respectively for the Financial Year 2020-21 as against 0.51% and 0.67% previous
year. There is reduction in Finance expenses during the year mainly due to gain arising on account of Foreign
Exchange Differences regarded as an adjustment to borrowing cost in Financial Year 2020-21. Employee Benefit
expenses, Repair maintenance & Stores and Spares as a percentage of total expenses constitute 1.85% & 0.40%
respectively for the financial year 2020-21, as against 1.13% & 0.42% previous year. There is increase in
employee benefit expenses mainly on account of Share based payment offered to eligible employees and
Voluntary Retirement Scheme implemented during the year.
q. 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.

r. In line with Listing Regulations, the Company has implemented various policies which are disclosed on website
of the Company under the link: https://bharatpetroleum.com/About-BPCL/Our-Policies.aspx
s. 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.
t The 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, Petrochemicals 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 Exposure % of such exposure hedged through
in INR in Quantity commodity derivatives
towards the terms
Domestic market International Total
particular towards the
market
commodity particular
(` Crore) commodity OTC Exchange OTC Exchange
(Qty. TMT)
Raw Material (Crude Oil) 7,020 1,953 0% 0% 0% 0% 0.00%
Finished Products 18,557 2,799 0% 0% 0% 0% 0.00%
Notes:-
a) Raw Material consist of Crude Oil Closing, In transit and In process Inventory as on 31st March 2021.
b) Finished Products majorly consist of Gasoline, Gasoil, SKO, Naphtha, ATF, FO, LNG, Lubricants and LPG
Closing inventories as on 31st March 2021.
c) The exposure value is value of closing inventory as on 31st March 2021.
d) During FY 20-21, 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.
u. During the year, 1 complaint of sexual harassment was received in respect of our employees. 1 complaint was
received in March 2020. Both complaints were disposed during the financial year 2020-21 by the Internal
Complaints Committee and no complaints were pending at the end of the financial year.
v. Total fees for all services paid by the Company and its subsidiaries, on a consolidated basis, to the Statutory
Auditors, M/s CVK & Associates and and M/s Borkar & Muzumdar are as follows:
Particulars Amount in `
Audit fees 58,00,000.00
Fees for other services – Certification 36,35,000.00
Reimbursement of out of pocket expenses 1,10,487.00
Total 95,45,487.00

ANNEXURE I
BPCL MARKET PRICE DATA
BSE NSE
APRIL 2020- High Low Monthly Volume High Low Monthly Volume
MARCH 2021
(` per share) (` per share) (No. of shares) (` per share) (` per share) (No. of shares)
April 374.65 287.05 50,41,941 374.85 287.15 13,21,98,014
May 367.95 291.75 70,89,261 364.2 291.8 18,21,99,720
June 402 337.5 74,89,564 402.05 337.3 18,05,05,632
July 480.8 360.4 1,35,53,913 481 360.3 32,47,49,321
August 434.05 391.05 1,09,18,824 434.1 391 25,13,39,774
September 436.3 349 68,89,841 436 348.8 22,48,95,344
October 362.25 324.9 64,97,694 363.05 325 17,80,68,570
November 415.95 344.4 87,07,596 415 344.2 20,56,65,883
December 409 357 80,92,033 409.25 357 17,77,40,338
January 430 375.1 86,78,639 430 376.25 16,42,45,324
February 467.6 380.85 1,42,64,689 467.8 380.6 22,45,04,721
March 482.4 415.35 2,40,14,378 482.4 415.1 44,89,81,636
MARKET CAPITALISATION/SHARES TRADED DURING 1st APRIL 2020 TO 31st MARCH 2021
BSE NSE
No. of Shares traded 12,12,38,373 2,73,84,73,302
No. of Shares 2,16,92,52,744 2,16,92,52,744
Highest Share Price (`) 482.4 482.4
Lowest Share Price (`) 287.05 287.15
Closing Share Price as on 31st March 2021 (`) 427.95 427.95
Market Capitalisation as on 31st March 2021 (` in crore) 92,833.17 92,833.17
ANNEXURE II
BPCL MARKET PRICE MOVEMENT IN COMPARISON TO BSE 100 INDICES
Share Prices / BSE100 monthly High

900 17500
15573.28 16000
800 14912.13
14132.92
15499.15 14500
700 13214.72
11912.46 11743.25 12075.58 13000
600 11367.34
10677.14 11500
BPCL Share Price
500 9973.05 9727.92

10000
BSE100
480.8
467.6 482.4 8500
400 436.3
434.05 415.95 409 430
402
374.65 367.95 7000
300 362.25
5500
200
4000
100
2500
0 1000
Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21
BPCL Share Price BSE100

ANNEXURE III
DISTRIBUTION OF SHARE HOLDING AS ON 31st March 2021
NO. OF EQUITY SHARES HELD NO. OF SHARE HOLDERS NO. OF SHARES % OF TOTAL
UPTO 5000 4,64,711 8,29,26,065 3.82
5001 TO 10000 1,826 12,78,4017 0.59
10001 TO 50000 1,060 2,25,65,387 1.04
50001 TO 100000 232 1,70,40,198 0.79
100001 TO 500000 306 7,01,21,245 3.23
500001 TO 1000000 90 6,41,07,749 2.96
1000001 TO 2000000 63 9,17,81,228 4.23
2000001 TO 3000000 32 7,83,57,531 3.61
3000001 AND ABOVE 57 1,72,95,69,324 79.73
Total 4,68,377 2,16,92,52,744 100.00
SHAREHOLDING PATTERN OF BPCL AS ON 31st MARCH, 2021 (PERCENTAGE)
3% 52.98 Govt. of India

6% 0.86 Govt. of Kerala
1.52 BPCL Trust for Investments in Shares
12%
16.38 Mutual Funds/ UTI
0.11 Financial Institutions/ Banks
7%
53% 6.82 Insurance Companies
0%
12.42 Foreign Institutional Investors
16% 0.98 Bodies Corporate
2.00 BPCL ESPS Trust
2% 5.93 Others
1%
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 31st March, 2021.
` Sd/-
K. Padmakar
Place : Mumbai Chairman & Managing Director
Date : 19th July, 2021 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
1. We have been engaged to issue certificate that none of the Directors on the Board of the Bharat Petroleum
Corporation Limited (“Company”) having CIN L23220MH1952GOI008931 have been debarred or disqualified from
being appointed or continuing as directors of companies by the Board/Ministry of Corporate Affairs or any such
statutory authority in terms of Para 10(i) of Part C of Schedule V read with Regulations 34(3) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations).
2. We have examined the following:
(a) The declaration given by each of the Directors of the Company with respect to their interest in other entities as
Director or otherwise along with names of their relatives in pursuance of Section 184 of the Companies Act,
2013 and taken on record by the Company,
(b) The particulars of Directors of the Company as displayed on the web portal of the Ministry of Corporate Affairs and
(c) General Search on the website of the Securities and Exchange Board of India and Reserve Bank of India.
3. 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 Companies Act, 2013 regarding disqualification of directors, is not
applicable to the Company.
4. Based on the above verification and to the best of our information and according to the explanations provided to us,
we are of the opinion that none of the following Directors on the Board of the Company have been debarred or
disqualified from being appointed or continuing as Directors of Companies by the Board/Ministry of Corporate Affairs
or any such statutory authority as on 31st March, 2021:
Sr. No. Name of the Director DIN Date of Appointment
1 Shri. Padmakar Kappagantula 08021800 01-02-2018
2 Shri. Rajesh Madanlal Aggarwal 03566931 08-01-2020
3 Shri. Neelakantapillai Vijayagopal 03621835 17-12-2018
4 Shri. Ellangovan Kannan Kamala 05272476 20-03-2018
5 Shri. Arun Kumar Singh 06646894 01-10-2018
6 Shri. Harshadkumar Prabhudas Shah 08511473 16-07-2019
5. It should be noted that our responsibility is to express a reasonable assurance in the form of an opinion as to the
qualification/eligibility of each of the Directors of the Company to hold the office as Director in the Companies in
accordance with the generally accepted procedure and the process of due-diligence followed based on the available
information on best efforts basis as on 31st March, 2021 and it is neither an audit nor an expression of opinion on the
personal credentials of the Directors of the Company.
For DHOLAKIA & ASSOCIATES LLP
(Company Secretaries)
Sd/-
CS Bhumitra V. Dholakia
Designated Partner
FCS-977 CP No. 507
Place : Mumbai
UDIN : F000977C000679041

COMPLIANCE CERTIFICATE ON CORPORATE GOVERNANCE UNDER SEBI (LISTING
OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
To,
We have examined via electronic platform due to widespread outbreak of pandemic Covid-19 and resultant state-wide
lockdown in Maharashtra, the compliance of conditions of Corporate Governance by Bharat Petroleum Corporation
Limited (“the Company”) for the financial year ended March 31, 2021 (“year under review”), prescribed in Regulations 17
to 27, Clauses (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. Our examination was
limited to procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions
of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
In our opinion, and to the best of our information and according to the explanations given to us, we certify that the
Company has complied with the conditions of Corporate Governance as stipulated in the aforesaid provisions of SEBI
LODR except that:
1. the Company did not have a Woman Independent Director as required under Regulation 17(1)(a) on its Board of
Directors during the year under review.
2. the Company did not have an optimum combination of executive and non-executive directors as required under
Regulation 17(1)(a), for the period from 01.04.2020 to 31.08.2020.
3. the Company did not have requisite number of Independent Directors as required under Regulation 17(1)(b) on its
Board of Directors for the year under review.
4. the Company did not conduct evaluation of independent directors to be done by the entire board of directors as
required under Regulation 17(10) due to the Company being a Government Company.
5. the Company did not have minimum three directors as members in the Audit Committee and two-thirds of the
members as Independent Directors as required under Regulation 18(1)(a) and (b) respectively for the period from
10.04.2020 to 31.03.2021.
6. the Company did not have an Independent Director as Chairperson of the Audit Committee as required under
Regulation 18(1)(d) for the period from 10.04.2020 to 31.03.2021.
7. the Audit Committee of the Company did not hold any meeting as required under Regulation 18(2)(a) during the year
under review.
8. the Company did not have at least three directors as members in the Nomination and Remuneration Committee as
required under Regulation 19(1)(a) for the period from 10.04.2020 to 31.03.2021.
9. the Company did not have Chairperson of the Nomination and Remuneration Committee as an Independent Director
as required under Regulation 19(2) for the period from 10.04.2020 to 31.03.2021.
10. the Nomination and Remuneration Committee of the Company did not hold any meeting as required under
Regulation 19(3A) during the year under review.
11. all related party transactions requiring prior approval of the Audit Committee under Regulation 23(2) was instead
approved by the Board of Directors.

12. omnibus approval as well as quarterly review of the related party transactions, as required under Regulation 23(3)
was undertaken by the Board of Directors instead of Audit Committee.
13. review of the financial statements, in particular, the investments made by the unlisted subsidiary, as required under
Regulation 24(2) was undertaken by the Board of Directors instead of the Audit Committee.
14. in view of the presence of only one Independent Director on the Board of the Company from 10.04.2020 to
31.03.2021, no meeting of the Independent Directors was held as required under Regulation 25(3) and (4), during
the year under review.
15. the Company did not appoint any Independent Director in place of resigning Independent Director within the period
stipulated under Regulation 25(6) during the year under review.
We also state that the Company being a Government Company under the administrative control of the Ministry of
Petroleum & Natural Gas (MoP&NG), the power to appoint Directors (including Independent Directors) and the terms and
conditions of such appointment, vests with the Government of India. As informed by the Company, the matter regarding
appointment of required number of Independent Directors and Woman Independent Director has been taken up with
MoP&NG from time to time.
We further state that such compliance is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the Management has conducted the affairs of the Company.

Sd/-
Designated Partner
FCS-977 CP No. 507
Place : Mumbai
UDIN : F000977C000678786

COMPLIANCE CERTIFICATE ON CORPORATE GOVERNANCE UNDER GUIDELINES ON
CORPORATE GOVERNANCE FOR CENTRAL PUBLIC SECTOR ENTERPRISES, 2010
To,
We have examined via electronic platform due to widespread outbreak of pandemic Covid-19 and resultant state-wide lockdown
in Maharashtra, the compliance of conditions of Corporate Governance by Bharat Petroleum Corporation Limited (“the
Company”) for the financial year ended March 31, 2021, as stipulated in the Guidelines on Corporate Governance for Central
Public Sector Enterprises, 2010 (“the Guidelines”), issued by the Department of Public Enterprises (DPE).
The Compliance of the conditions of Corporate Governance is the responsibility of the Management. Our examination was limited
to procedures and implications 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 the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has
complied with the conditions of Corporate Governance as stipulated in provisions as specified in the Guidelines issued by DPE
except for non-compliance in terms of:
1. Clause 3.1.1 with regard to the Board of Directors of the Company to have an optimum combination of Functional, Nominee
and Independent Directors during the period of 01.04.2020 to 31.08.2020.
2. Clause 3.1.2 with regard to the number of Functional Directors (including CMD/MD) not exceeding 50% of the actual strength
of the Board during the period of 01.04.2020 to 31.08.2020.
3. Clause 3.1.4 with regard to half of the Board of Directors of the Company to comprise of Independent Directors during the
period under review i.e. 01.04.2020 to 31.03.2021.
4. Clause 4.1.1 with regard to minimum of three Directors as members of Audit Committee and two thirds of the Members to be
Independent Directors w.e.f. 10.04.2020 to 31.03.2021.
5. Clause 4.1.2 with regard to the Chairman of the Audit Committee to be an Independent Director w.e.f. 10.04.2020 to
31.03.2021.
6. Clause 4.4 with regard to holding Audit Committee meeting at least four times in a year and not more than four months to
elapse between two meetings.
7. Clause 5.1 with regard to minimum three Directors as members of the Remuneration Committee and the Chairperson to be
Independent Director w.e.f. 10.04.2020 to 04.08.2020.
8. Clause 6.2 with regard to review of the financial statements of subsidiary company(ies) of the Company was made by the
Board of Directors instead of the Audit Committee.
We also state that the Company being a Government Company under the administrative control of the Ministry of Petroleum &
Natural Gas (MoP&NG), the power to appoint Directors (including Independent Directors) and the terms and conditions of such
appointment, vests with the Government of India. As informed by the Company, the matter regarding appointment of required
number of Independent Directors and Woman Independent Director has been taken up with MoP&NG from time to time.
We further state that such compliance is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the Management has conducted the affairs of the Company.
Sd/-
Designated Partner
FCS-977 CP No. 507
Place : Mumbai
UDIN : F000977C000679215

BUSINESS RESPONSIBILITY REPORT
ABOUT THIS REPORT

The Business Responsibility Report has been prepared by BPCL, in accordance with Regulation 34 (2) (f) of the Securities
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation 2015, which mandates that the
Annual Report of the top one thousand listed entities, based on Market Capitalization at the BSE and NSE, shall contain a
Business Responsibility Report describing the initiatives taken by the Company from an environmental, social and
governance perspective.
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
outlines the organization’s performance against the nine Principles and Core elements for each of these Principles. 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 2020-21
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 through mains
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

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 does not undertake any direct operations at
(Provide details of major 5) its international locations. Only the subsidiaries
have overseas operations.
ii. Number of National Locations as on 31.03.2021 Details are as given below:
a. Refineries: 2 (Mumbai and Kochi)
b. Retail (Installations/Depots/TOPs): 80
c. LPG Bottling Plant: 53 (1 is in Refinery and 52 in
other locations)
d. Lube Blending Plants: 4
e. Aviation Locations/Fuelling Stations/on-wheels: 64
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) ` 2,092.91 Crores
2. Total Turnover (INR) ` 3,01,864.98 Crores
3. Total profit after taxes (INR) ` 19,041.67 Crores
4. Total Spending on Corporate Social Responsibility In line with the Companies Act 2013 and the Companies
(CSR) as percentage of average net profits of last (Corporate Social Responsibility Policy) Rules, 2014
three years(%) BPCL has earmarked 2% of average net profit amounting
to ` 136.25 Crores. In addition, BPCL had a carry
forward of ` 25.66 Crores as unspent for the previous
year. BPCL has spent ` 144.90 Crores during the year
2020-21 which is equivalent to 2.12% of average net
profit after tax.
5. List of activities in which expenditure in 4 above has BPCL's CSR activities are carried out across the
been incurred following focus areas:
• Education
• Water Conservation
• Skill Development
• Health & Hygiene
• Community Development

In the year 2020-21, BPCL has focussed more in the area
of Health due to the ongoing COVID-19 pandemic. Total
expenditure on Health was 60.50% of CSR expenditure.
Furthermore, Cold Storage Equipment for vaccination
programme was provided to the states of Haryana and
Uttar Pradesh. Expenditure in other thrust areas was
limited due to various factors viz. Education suffered due
to shutting down of schools, construction activities were
affected due to non-availability of labour as migrants
returned to their homes, Skill development suffered as
physical classes were not held and students were not
permitted due to social distancing measures in force.
SECTION C: OTHER DETAILS
1. Does the Company have any Subsidiary Yes, BPCL has twelve subsidiaries. Six are Indian and
Company/Companies? six are foreign subsidiaries. The list is as follows:
Indian:
• Numaligarh Refinery Ltd. (up to 25th March, 2021)
• Bharat Petro Resources Ltd.
• Bharat Petro Resources JPDA Ltd. [Domestic
Subsidiary of BPRL]
• Bharat Gas Resources Ltd.
• Bharat Oman Refineries 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)
• BPRL International Singapore Pte Ltd. (Singapore)
• BPRL International Ventures BV (the Netherlands)
(Overseas Subsidiary of BPRL)
2. Do the Subsidiary Company/Companies participate No, the subsidiary companies do not participate in the
in the BR Initiatives of the parent company? If yes, Business Responsibility initiative of the parent
then indicate the number of such Subsidiary Company. They operate in different geographies/
Company(s) business domain and are driven by their own policies.
3. Do any other entity/entities (e.g. suppliers, No other entity/entities are engaged with the Company’s
distributors etc.) that the Company does business business, participate in the BR initiatives. However, during
with, participate in the BR initiatives of the the selection/registration of the suppliers, contractors,
Company? If yes, then indicate the percentage of dealers and distributors, BPCL conducts scrutiny with
such entity/entities? [Less than 30%, 30-60%, More respect to certain parameters of ‘National Voluntary
than 60%] Guidelines on Social, Environmental and Economic
Responsibilities of Business, 2011’ principles.

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 Committee members as on 31/03/2021 are as given below:
DIN Number Name Designation
08511473 Shri Harshadkumar P. Shah Chairman of the Committee
06646894 Shri Arun Kumar Singh Director (Marketing) with Additional
charge of Director (Refineries)
03621835 Shri N. Vijayagopal Director (Finance)
b. Details of the BR head

Particulars Details
DIN Number N.A.
Name Smt. V. Kala
Designation Company Secretary
Telephone number (022) 22713440
Email ID 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 Business should conduct and govern themselves with Ethics, Transparency and Accountability
P2 Businesses should provide goods and services that are safe and contribute to sustainability throughout
their life cycle
P3 Businesses should promote the well-being of all employees
P4 Businesses should respect the interests of and be responsive towards all stakeholders, especially those
who are disadvantaged, vulnerable and marginalized
P5 Businesses should respect and promote human rights
P6 Businesses should respect, protect and make efforts to restore the environment
P7 Businesses when engaged in influencing public and regulatory policy, should do so in a responsible
manner
P8 Businesses should support inclusive growth and equitable development
P9 Businesses should engage with and provide value to their customers and consumers in a responsible
manner

Sr. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
No.
1 Do you have a 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 national/ Y Y Y Y Y Y Y Y Y
international standards? If yes, specify?
Various policies at BPCL conform to different
applicable statutes/ guidelines/ rules etc. issued by
GOI and updated from time to time. Industry practices,
National/ International standards are kept in view while
formulating the polices.
4 Has the policy been approved by the Board? Y Y Y Y Y Y Y Y Y
-If yes, has it been signed by the MD/owner/
CEO/appropriate Board Director?
Different policies are approved by Board/ Competent
Authorities as per delegation of power
5 Does the Company have a specified Y Y Y Y Y Y Y Y Y
committee of the Board/ Director/Official to
oversee the implementation of the policy?
6 Indicate the link for the policy to be viewed
Refer table below @
online
7 Has the policy been formally communicated to Y Y Y Y Y Y Y Y Y
all relevant internal and external stakeholders?
8 Does the Company have an in-house Y Y Y Y Y Y Y Y Y
structure to implement the policy/policies?
9 Does the Company have a grievance Y Y Y Y Y Y Y Y Y
redressal mechanism related to the
policy/policies to address stakeholders’
grievances related to the policy/policies?
10 Has the Company carried out an independent Y Y Y Y Y Y Y Y Y
audit/evaluation of the working of this policy
by an internal or external agency?

@ Web-link for the policy :
NVG Principle Web-link

Principle 1: Ethics, transparency & https://bharatpetroleum.com/images/files/CodeOfConduct_
accountability BPCL.pdf
Principle 2: Sustainability in life-cycle https://www.bharatpetroleum.in/sustainability/health,
of product -safety,-security-&-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 http://www.bharatpetroleum.com/PDF/Citizen_Charter.pdf
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,
policy advocacy -safety,-security-&-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
2A. If answer to S. No. 1 against any principle, is ‘No’, the reasons for the same have also been mentioned
therein.
Sr.
No. Question 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
principles
3 The company does not have financial or Not Applicable
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 enables customers to provide their feedback,
complaints or suggestions. During the FY 2020-
1. Indicate the frequency with which the Board of
Directors, Committee of the Board or CEO assess 21, a total of 12,27,456 Customer Complaints
the BR performance of the Company - Within 3 have been received and 12,27,411 are resolved,
months, 3-6 months, Annually, More than 1 year. which is 99.99% with an average closure time of
one day. The remaining complaints are being
BPCL has constituted the ‘Sustainable Development addressed and closed subsequently.
Committee of the Board’ which reviews the
sustainability initiatives every 3-6 months and • Investors - The complaints from investors are
provides directions for further improvement. routed through the respective stock exchanges or
the regulator. Total 11 investor complaints have
2. Does the Company publish a BR or a Sustainability been received during the financial year 2020-21,
Report? What is the hyperlink for viewing this through SEBI, NSE and BSE (SEBI-1, NSE-5 and
report? How frequently it is published? BSE-5) which were all attended to and resolved on
Yes; BPCL has been publishing the Business priority basis.
Responsibility Report (BRR) as part of its Annual • External monitors - BPCL has received 3
Report. In addition, BPCL also publishes GRI complaints before the panel of independent
Framework based Sustainable Development Report external monitors for joint deliberation and
(SDR) every year since FY 2006-07. The Sustainable recommendations which were resolved
Development Report for the past years are available satisfactorily.
at: https://www.bharatpetroleum.in/Sustainability/
Sustainability-Reports.aspx • Public grievance - Public Grievance in BPCL is
monitored through Centralized Public Grievance
SECTION E: PRINCIPLE -WISE PERFORMANCE Redress and Monitoring System (CPGRAMS)
PRINCIPLE 1: ETHICS, TRANSPARENCY AND which is an online web-enabled system
ACCOUNTABILITY (https://www.pgportal.gov.in/) developed by
National Informatics Centre (NIC) and Department
1. Does the policy relating to ethics, bribery and
of Administrative Reforms and Public Grievances
corruption cover only the company? Yes/No. Does
(DARPG). Despite nation-wide lockdown from
it extend to the Group/Joint Ventures/Suppliers/
24 t h March 2020 when adherence to the
Contractors/NGOs/Others?
compliance of statutory norms posed
Yes, the policy formulated by BPCL on ethics, unprecedented hurdles, BPCL, with its dedicated
prevention of corruption and bribery covers its entire team, redressed and closed 4,415 (95.35%)
operations. BPCL's group companies/joint ventures grievances out of 4,630 received in the FY 2020-21
are separate legal entities having their own policies with an average disposal time of only 12 days as
and procedures and are not covered by BPCL's against the norm of 30 days fixed for disposal. The
policy on ethics, bribery, corruption and human pending grievances were subsequently closed.
rights.
• Vigilance - Complaints pertaining to incidents of
2. How many stakeholder complaints have been corruption/corrupt practices are referred to the
received in the past financial year and what vigilance function at BPCL. There were 18 new
percentage was satisfactorily resolved by the complaints received by the vigilance department
management? If so, provide the details thereof, in during the year. A total of 46 complaints were
about 50 words or so. disposed this year leaving a balance of 31
BPCL has a multi-pronged approach to address complaints.
concerns of its stakeholders depending upon the • Employees - the Employee Satisfaction
category of stakeholders and nature of concern. The Enhancement Department received a total of 14
numbers and details of these are outlined as follows: grievances during the reporting period from the
• Customers - BPCL has in place a robust and user- employees. All of these were addressed and
friendly Customer Care System (CCS) that resolved satisfactorily within the year.

2. For each such product, provide the following
Case study: Employee Assistance Program (EAP)
details in respect of resource use (energy, water,
during the COVID-19 pandemic
raw material etc.) per unit of product (optional):
The Corona pandemic ushered in an uncertain time
i. Reduction during sourcing/production/
required unprecedented response. This phase threw
distribution achieved since the previous year
new challenges wherein emerged new ways of
throughout the value chain?
working such as work from home, working with
additional safety parameters both at home and office Resource efficiency is critical to success of Oil
front. The lockdown induced social isolation meant Marketing Companies and BPCL consistently
heightened anxiety and stress for staff members both works towards adopting resource efficient
at work and family front. This situation also triggered methods for sourcing, production & distribution.
fear in the minds of family members wherein the BPCL has diversified its Global Crude Oil supply
employee was going out for work or employee and from various sources and efforts are being made
family staying in different cities. In order to mitigate for optimization of Crude Basket, minimize
the heightened stress and anxiety levels, BPCL inventories while ensuring uninterrupted supplies
realigned its outreach by embracing technology to of Crude Oil to refineries. BPCL has been
achieve last mile connectivity to educate staff on how increasingly adopting cleaner and efficient
they, their colleagues and dependents could reach out methods for raw material (crude oil) sourcing
for counselling and wellness services. These resulted through a mix of pipelines and Very Large Crude
in greater awareness as well as utilization of services Carriers (VLCC). BPCL has transported
by staff and their dependents provided under our approximately 9.121 MMT of Crude Oil through
Employee Assistance Program as highlighted below: pipeline and VLCC which is equivalent to 34.55%
of the total Crude Oil transported for the reporting
• 320 new registrations for EAP services taking the
period. BPCL has achieved GHG emissions
total to 6,335.
reduction to the tune of 2,13,800 MTCO2-e
• 429 Counselling sessions availed during the year as through pipeline transportation as compared to
against 195 in previous year rail in the year 2020-21. Moreover, out of the total
• 3 cases of suicidal ideation were handled LPG import, 2,977 MMT i.e. equivalent to 71.04%
was through Very Large Gas Carrier (VLGC).
PRINCIPLE 2: SUSTAINABILITY IN THE LIFECYCLE OF
BPCL has undertaken several energy and water
THE PRODUCT
conservation initiatives and ensured that its
1. List up to 3 of your products or services whose operations do not pose any unintended harm to the
design has incorporated social or environmental environment during the production stage. As a
concerns, risks and/or opportunities. proactive measure Environmental cell has been
BPCL has been consistently investing in ensuring established at all locations for awareness building
that the usage of its products does not cause any and to address & focus on environmental issues.
unintended harm to the people or damage to the The refinery processes are certified by ISO
environment through the life cycle stages of Standards i.e. ISO 9001, ISO 14001, 45001 and
production, transportation, usage & disposal. The ISO 50001 for Quality, Environment, Occupational
major three products are: Health and Safety and Energy. The status of
implementation of Energy Management System
1. BS VI Motor Spirit
(ISO 50001) in marketing locations is given below:
• 10% Ethanol blended Motor Spirit
2. BS VI HSD • 100 % Lubricant plants /pipeline
• 7 % Bio Diesel blended • 91 % of Retail locations (73)
3. LPG • 63 % of LPG plants (34)

BPCL’s energy and water conservation initiatives is The year 2020-21 was a challenging one due to the
demonstrated through the following performance COVID-19 pandemic. The sector at large witnessed a
parameters: dip in demand for petroleum products due to reduced
• BPCL refineries has processed 26.21 MMT of industrial/commercial activities. This had an impact
Crude oil and the specific energy consumption on BPCL’s resource efficiency measures such as
MBN (MMBTU/BBL/NRGF) achieved was 66.9 for energy & water intensity of production. However,
the year 2020-21. The refineries performance for despite the challenges BPCL has been able to
crude processed was rated as ‘Good’ for the FY maintain its productions and MBN values within
2020-21 despite the VUCA (Volatility, Uncertainty, targets and no penalties were levied. The resource
Complexity and Ambiguity) environment in the Oil intensity values for BPCL’s MR and KR are as follows:
market. BPCL refineries have successfully adhered to
• BPCL Mumbai Refinery has processed 12.94 National Auto Fuel norms by producing and
MMT of Crude oil and the MBN achieved was 64.3 supplying Bharat VI fuels to the markets from 1st of
in the year 2020-21 as against the target of 66. April 2020 pan India. BPCL Kochi Refinery has
undertaken the BS VI Motor Spirit Block Project
• BPCL Kochi Refinery has processed 13.27 MMT
(MSBP) to maximize BS-VI grade Motor Spirit
of Crude oil and MBN achieved was 68.9 in the
production by upgrading Naphtha. BPCL MR has
year 2020-21 as against the target of 71.5.
commissioned (GTU) Gasoline Treatment Unit to
• During the reporting period, the refineries used produce BS-VI grade MS. With the implementation of
54.6% of sea water of the total water BS VI grades BPCL has been able to reduce the
consumption. quantity of Sulphur released to the environment by
• Due to the use of treated water supply from RCF- 987 MT in the year 2020-21
STP, BPCL MR reduced its dependency on BMC As per the Ministry of Petroleum and Natural Gas
supply by about 29.1% during the reporting (MoP&NG) gazette Notification, for selling of Ethanol
period. Blended Motor Spirit (EBMS) with Ethanol up to
• During the FY 2020-21, there has been a 10% 10%, BPCL has undertaken maximization of blending
reduction in freshwater use by BPCL refineries as of Ethanol in motor spirit which helped to reduce
compared to FY 2019-20. harmful emissions such as carbon monoxide. In the
year 2020-21, BPCL blended 5,93,342 KL of
• The total water-use for FY 2020-21 reduced by Ethanol in 59,40,412 KL of Ethanol Blended Motor
10.74% as compared to the FY 2019-20. Spirit (EBMS). The total MS sold by BPCL was
BPCL also endeavors to deliver products to 1,01,55,530 KL and the Ethanol blending ratio was
customers in a resource efficient manner through its 5.84% for FY 2020-21
distribution network. One key initiative in this
In line with PM-Jivan Yojana, which aims at
direction is the increased presence of BPCL in the
incentivizing the second-generation Bio Ethanol
City Gas Distribution (CGD) market, that aims to
Projects, BPCL is setting up second generation Bio
establish the piped gas distribution infrastructure
Ethanol Refinery in Bargarh District in Odisha with a
across Geographical Areas (GAs) in order to reduce
capacity of 100 KL per day. The Bio Refinery project
the dependency on energy intensive bottled gas
was approved by the Board at total capital outlay of
supply. BPCL through its wholly owned subsidiary,
` 1,607 crores. Despite the delays due to outbreak of
Bharat Gas Resources Ltd. (BGRL), is active in
17 GAs as of 31st of March 2021 and would be COVID-19 pandemic and subsequent lockdown, the
participating in the Petroleum and Natural Gas project has progressed with overall achievement of
Regulatory Board’s (PNGRB) 11th round of bidding 29.23% and financial progress of 13.24%, by the end
for CGD in an attempt to further expand its presence. March 2021.
ii. Reduction during usage by consumers (energy, Another, 1G Ethanol plant of 100 KL/day capacity is
water) has been achieved since the previous proposed to be set up at Bargarh along with the 2G
year? Plant. The tender for preparation of ‘DFR, BEDP,

assistance for obtaining EC/CTE & other related BPCL, added another feather to its cap with the
services has been floated to M/s Praj Industries Ltd. announcement of its entry into the Electric Vehicle
on nomination basis. Pre-Feasibility Report (PFR) space. With the launch of its “e-Drive” initiative - an
for the proposed Grain based 1G Ethanol Plants of innovative electric vehicle mobility model based on
BPCL at Madharam (Telangana), Manmad battery swapping, initially being rolled out in Kochi (3
(Maharashtra), Bina & Bhitoni (MP) is also under ROs) and Lucknow (4 Ros). This is a new and unique
progress. model for Electric Vehicle (EV) mobility, the first of its
BPCL has undertaken blending of 7% Biodiesel in kind in the country, ahead of its competition. BPCL in
HSD at selected locations, as per national policy of collaboration with Pune-based Kinetic Green Energy
Biofuel. Biodiesel substantially reduces unburnt & Power Solutions and IIT-Madras will enable this EV
Hydrocarbons, CO and Particulate Matter. Biodiesel mobility system based on battery-swapping model
is manufactured from non-edible/edible oils and has for electric three-wheelers. BPCL, with the
almost no sulphur, no aromatics and approximately technology support for mobile app, battery
10% built-in oxygen which helps in ensuring management system and other systems from IIT-
complete combustion. BPCL blended 288.3 KL of Madras, will provide the lithium-ion batteries for the
Biodiesel (B-7) in 3,830.3 KL of diesel. The Biodiesel vehicles.
blending ratio for FY 2020-21 was 0.0014 %.
Additionally, BPCL has also initiated the
BPCL has also taken initiatives for production of opportunities in the EV Charging Station (EVCS)
Biodiesel from Used Cooking Oil. BPCL floated 14 business space. It has adopted online charging
EOIs, against which 11 bidders offered for setting up models and pilot runs are being undertaken at about
13 plants, with combined Biodiesel production 29 charging stations across cities to understand the
capacity of 239.3 TPD. Two LOIs have been issued customer behaviour, technicalities and business
with production capacity of 15 TPD as of March 2021. opportunity.
As per National Biofuels Policy 2018, GOI has set a 3. Does the Company have procedures in place for
target of reducing crude import by 10% by 2022. sustainable sourcing (including transportation)?
MoP&NG has aspiration of increasing the
If yes, what percentage of your inputs was sourced
contribution of gas in India energy mix from existing
sustainably? Also, provide details thereof, in about
6.5% (global average is 23.5%) to 15% by 2022. The
estimated Compressed Biogas (CBG) potential from 50 words or so.
various resources in India is nearly about 62 MMT. Yes, BPCL strives for sustainable procurement
BPCL has also taken initiatives in the field of across its value chain, right from the sourcing of raw
production of CBG from Biomass waste/ Biomass materials i.e. Crude Oil to product transportation.
sources like agricultural residue, sugarcane press Cross-country pipelines are globally recognized as
mud, municipal solid waste, etc. In this context BPCL the safest, cost-effective, energy-efficient and
has invited Expression of Interest from potential environment-friendly mode for transportation of
entrepreneurs, to set-up CBG plants and offer CBG to crude oil and petroleum products. BPCL is
BPCL. As of March 2021, the status is as under: extensively using its pipeline network for the
Applications Letter CBG Remark transportation and distribution of its products. It has
received of production pipeline network of 2,241 kms that has transported
Intent capacity 14.86 MMT of Petroleum Products in FY 2020-21 as
issued (metric tons compared to 16.99 MMT in the last year. All BPCL
per day) pipelines are compliant to T4S standards. BPCL is
310 107 843 203 applications focused on increasing the share of product/crude
under evaluation transportation through pipelines however, the
stage decrease in pipeline throughput for FY 2020-21 is
mainly attributable to the subdued demand due to
COVID-19 pandemic.

BPCL’s upcoming pipeline project, i.e. Bina Panki clause for MSEs. As per the existing Public
Pipeline (355 KM) is progressing at a rapid pace. Procurement Policy for MSEs Order 2012,
Despite pandemic and consequential lockdown, allocation to MSEs is at least 25%. Further, out of
procurement and engineering team continued to this portion of 25%, 4% of the total tender quantity
work with business as usual approach and placed all is reserved for SC/ST Entrepreneurs in MSE
contracts in time. On the construction side, 336 Km category and 3% is reserved for Women
of pipeline lowering have been completed in a record Entrepreneurs in MSE category. For the reporting
time of nine months and the commissioning is period FY 2020-21, the procurement for Goods
expected by end of June 2021. and Services from MSE-SC/ST Entrepreneurs
stood at ` 114.80 crores as compared to
BPCL Lubricant R&D has taken up development of
` 106.6 crores last year.
new products with energy efficiency potential for
Hydraulic and Textile machinery applications. Eco- • Substantial efforts are being made to increase the
friendly Metal Working Fluids introduced with procurement value through (Government
carefully selected components having safe e-Market Place) GeM Portal. BPCL’s procurement
chemistries to provide excellent emulsion stability, through GeM i.e. the online procurement portal
longer sump life and improved tool life thus started by GOI stood at ` 113.9 crores in FY20-21
contributing significantly towards conserving the as compared to ` 16 crores for FY19-20 with an
environment. Long life Hydraulic oil formulations increase of 612%
with extended drain intervals for Off-Highway /
• BPCL has conducted five online Vendor
Industrial applications, have been developed thereby
Development Programs for MSE Vendors, wherein
reducing the oil consumption.
over 400 vendors participated. An online “Premier
4. Has the company taken any steps to procure goods Vendor Workshop” was held in December 2020,
and services from local and small producers, wherein Director, MSME-DI, Mumbai made a
including communities surrounding their place of detailed presentation on benefits of Public
work? If yes, what steps have been taken to Procurement Policy for MSEs to the vendors.
improve their capacity and capability of local and
• BPCL also offered Trades Receivable Discounting
small vendors?
Scheme (TReDS) to its MSE Vendors. This facility
Yes, BPCL has taken several measures for promoting was availed by MSE Vendors and over 1,813
procurement of Goods and Services from small/local invoices valued at ` 105 crores were discounted.
producers. Some of these include:
5. Does the company have a mechanism to recycle
BPCL’s tender document includes a provision products and waste? If yes what is the percentage
regarding the purchase preference for the Micro and of recycling of products and waste (separately as
Small Enterprises (MSEs) in line with requirements <5%, 5-10%, >10%). Also, provide details thereof,
of the Public Procurement Policy for Micro and Small in about 50 words or so.
Enterprises (MSEs) Order 2012 and its amendment
BPCL has been consistently exploring means to
of November 2018. During 2020-21, the
reduce intake of virgin materials through recycling of
procurement value of BPCL for Goods and
waste material generated from its operations and
Services, where MSEs could have participated
reduce waste to landfill.
was ` 7,454.7 crores. Out of this, the actual
procurement value from MSEs was ` 2,062.82 • Disposal of hazardous waste through
crores, i.e. approximately 27.67% which exceeds the bioremediation of oil removed sludge was approx.
set target of 25%. 28.44 MT. Total oil recovered from crude sludge
was 285 kl (36.24% by wt.) from Mumbai Refinery
• All high value tenders at BPCL were through
and 4395 kl (60.16 % by wt.) from Kochi Refinery
online open tender route. General Conditions of
for FY 2020-21
Contract (GCC) and General Purchase Conditions
(GPC) of all tenders have purchase preference • In FY 2020-21, a total of 2,554 TKL treated water
was recycled in process cooling towers at BPCL

MR thereby reducing fresh raw water • During FY 2020-21, R&D centres of BPCL
consumption. Additionally, the Sewage Treatment continued the trend of developing energy efficient
Plant (STP) set up by BPCL MR in collaboration technologies, novel products, cleaner fuels and
with Rashtriya Chemicals & Fertilizers (RCF) has providing valuable technical support to Business
reduced dependency of raw water from BMC by Units. One key initiative was development of Waste
35% (Approx. 6,000 TLPD). BPCL MR has Plastic Road (WPR) Technology. To promote
reduced its dependency on BMC water supply by Swachh Bharat Mission, a 500-meter long and 11-
use of 1560 TKL of recycled water during the meter wide road was laid using CRDC WPR
reporting period FY2020-21. Technology in sector 125 Noida under MoA with
Noida Authority. About 35 metric tons of waste
• Disposal of organic waste through composting plastic has been utilized in this process and the
and Bio-Gas generation in marketing locations road is operational since November 2020. MoA
amounting to approximately 300 MT for has been signed by BPCL with M/s Super Group,
FY 2020-21. New composting machines added in Bangladesh for conducting pilot trials of CRDC
16 Retail locations. Besides, BPCL MR has biogas WPR technology in Bangladesh.
plant of 85 m3 capacity whereas KR has 90-100
m3 capacity. It has helped in replacing LPG use in Additionally, BPCL HSSE team has been undertaking
the canteens besides, the slurry is used as a training sessions on capacity building program on
manure to assist in plants growth. The total bio - disposal of hazardous waste / zero waste to land fill
gas generated from biogas plant was 9.973 MT certifications/ Water balance study/ sustainable
from refineries in FY 2020-21. development / GHG inventory/ carbon sequestration etc.
PRINCIPLE 3: EMPLOYEE WELL BEING
• Recovery of Flare Gas in refinery helped in
reducing hydrocarbon losses and minimizing 1. Please indicate the total number of employees.
emissions. In 2020-21, total flare gas recovered Total number of permanent employees 9,251 (as on
was 1,102 MT in Mumbai Refinery and 1,931.7 31.3.2021)
MT in Kochi Refinery which was subsequently
treated and again used as fuel gas in process 2. Please indicate the total number of employees
hired on temporary/contractual/casual basis.
furnaces.
The total number of contract labour engaged in BPCL
• Recycling of FCC catalyst in refinery amounting to
are 23,450 # (approximately 62% contract labour in
approx. 7.44 MT.
non-project and 38% in project contracts).
• BPCL banned single use plastic that resulted in
# contract labourers are engaged by contractors for
reduction of approximately 10 lakh plastic bottles
non-core, sporadic and peripheral nature of jobs as
from various BPCL offices across India for the
per “Contract for Services”. The number is dynamic
reporting period.
and changes depending on projects/works being
• Certification of Zero Waste to Land fill (ZWL) undertaken. No casual labour is currently engaged in
obtained for lubricant , LPG plant at Wadilube, BPCL.
Pune and Manmad Retail location on pilot basis. 3. Please indicate the Number of permanent women
Certification process has now been initiated for all employees.
Refinery and Marking locations.
Total number of permanent women employees are
• Recycling of paper waste collected from BPCL 728 [Management - 530, Clerical - 189, Labour - 9]
regional offices amounting to approximately 17. 5
4. Please indicate the Number of permanent
MT in FY 2020-21.
employees with disabilities
• Received approval from State Pollution Control
The number of permanent employees with
Board for co-processing of hazardous waste of
disabilities are 190 [Management - 110, Clerical - 31,
paint from LPG plants. Efforts underway for co-
Labour - 49]
processing of waste from other business units as
well.

5. Do you have an employee association that is 15,260 man-hours of Health Safety, Security,
recognized by management? Environment (HSSE) related capacity building programs
were conducted at locations across business units during
There are 19 registered Trade Unions operating in
the FY 2020-21.
BPCL.
PRINCIPLE 4: STAKEHOLDER ENGAGEMENT
6. What percentage of your permanent employees is
members of this recognized employee association? 1. Has the company mapped its internal and external
stakeholders? Yes/No
Approx. 96.5% of our (Non-Management) employees
are represented through these Trade Unions during Yes, BPCL has developed mechanisms to map both
FY2020-21 as compared to 94% in the FY 2019-20. its internal and external stakeholders as part of the
sustainability reporting process. The internal
7. Please indicate the number of complaints relating
stakeholders primarily include employees, investors
to child labour, forced labour, involuntary labour,
sexual harassment in the last financial year and and shareholders while the external stakeholders are
pending, as on the end of the financial year. listed as follows:
Sr. Category No. of No. of • Government and regulatory authorities

No. complaints complaints • Industry associations
led during pending as at • Customers
the nancial the end of the • Suppliers
year nancial year • Community
1. Child labour/ NIL NA • Dealers and distributors
forced labour/ • Contractors
involuntary labour • Media and academic institutions
2. Sexual 1 0 • Transporters
harassment
2. Out of the above, has the company identified the
3. Discriminatory NIL NA
employment disadvantaged, vulnerable & marginalized
stakeholders?
8. What percentage of your undermentioned
employees were given safety and skill up- Yes, BPCL has identified the disadvantaged,
gradation training in the last year? vulnerable & marginalized stakeholders and strives
for the overall development, upliftment and
Permanent On an average, 22.13 hours of empowerment of such communities through CSR
Employees functional, safety and behavioural activities. Our projects aim at benefitting
training was provided per employee
communities which are around our major business
in the reporting period.
units like Refinery, depots, installations, LPG bottling
Permanent Employees On an average, 27.63 plants and are identified as vulnerable/
Women hours of functional, safety and underprivileged. Besides, remote rural/ tribal
behavioural training was provided communities also fall under the ambit of
per woman employee in the marginalized and vulnerable stakeholders. Many of
reporting period.
our projects are solely targeted at improving the
Casual/ 100% contract workers across quality of life of persons with disabilities who are
Temporary/ refineries and marketing business highly marginalised and disadvantaged.
Contractual units mandatorily attend a
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 so,
they are not provided access. provide details thereof.
Employees with BPCL as organization doesn’t Yes, BPCL undertakes several special programs to
Disabilities differentiate in training requirements engage the disadvantaged, vulnerable and
among the employees.

marginalized stakeholders. This is driven from B. SKILL DEVELOPMENT
BPCL’s core Corporate Values of Customer
BPCL’s persistent commitments in enhancing
Centricity, Trust, Involvement and Collaboration. It is
employability and entrepreneurship for youth in Oil,
committed to the communities around its business
Gas and other sectors through the Skill Development
and far beyond, through its CSR initiatives. The
Institute (SDI) at Kochi in Kerala and five locations
organization relies on the strong partnerships it has
across the country viz. Ahmedabad in Gujarat,
established with the Government, credible not-for-
Visakhapatnam in Andhra Pradesh, Guwahati in
profit organization and other implementing agencies
Assam, Raebareli in Uttar Pradesh and Khurda in
who are an integral part of our activities. Details
Odisha.
regarding some of the programs are given below.
A. HEALTH AND SANITATION Despite the limited activity in schools and skilling
institutes due to the pandemic, the company has
In the current unprecedented situation, the company supported skilling initiatives for youth in Aspirational
has rallied both manpower and funds to reach out to Districts in Madhya Pradesh. Online mode of training
communities around its business units and beyond. was adopted and 15 batches consisting of 375
BPCL initiatives during the COVID-19 pandemic candidates were taught vocational skills and were
include, but are not limited to, providing life-saving linked to employment and self-employment
medical equipment in hospitals, Personal Protective opportunities.
Equipment to frontline workers, hygiene kits to the
community, primary healthcare services through C. EDUCATION
Mobile Medical Units, creation of awareness on BPCL in line with its thrust area of Education
hygiene, precautions and treatment through our undertook construction of the ground floor of a
extended network etc. BPCL is also providing cold primary school building which consisted of 14
chain equipment for the transportation and storage classrooms and also constructing classrooms for
of COVID vaccines in the two states mapped against college students in an aspirational district of
it viz. Haryana and Uttar Pradesh. Shrawasti, Uttar Pradesh. Another project focusing
BPCL supports the cancer care project in Darrang, an enhancement of the skills and livelihood of rural
Aspirational District, which continues with the farmers was undertaken in Telangana. The
construction of an affordable cancer care facility. construction of dormitory blocks for farmers, staff
BPCL has supported more than 450 underprivileged quarters and dining block were also undertaken to
cancer patients towards holistic treatment cost in six provide the facilities. The project provided facilities
cancer hospitals across the country. which would ultimately help them achieve self-
sufficiency in farming and allied agri-farming
Lifeline express ‘Hospital on a train’ has contributed
activities for better livelihood management.
in reducing the burden of avoidable disability in rural
communities by early identification, screening and D. WATER CONSERVATION
providing medical & surgical interventions to about
Water scarcity is a disturbing phenomenon in the
8000 patients in the district of Balangir, Odisha. The
country for decades and this affects a large
whole train comprising of 9 compartments is
population in India. Recognizing the suffering of
modified into a hospital and it travels to interior parts
people living in water scarce areas of rural and urban
of the country to serve the local people for whom
India, Mumbai Refinery has undertaken Project
reaching hospitals is an uphill task.
‘BOOND’- an integrated model of water conservation.
BPCL has provided life-saving medical equipment This agriculture and livelihood linked model will
which is used for the treatment of pediatric reach out to 282 households in 3 villages.
congenital heart ailments largely in 2D echo room,
E. COMMUNITY DEVELOPMENT
operation theatres, pre & post operation wards,
Intensive Care Units (ICUs), etc. Through the project As a part of the “Transforming of Aspirational
it aims to reach out to about 12000 patient’s year on Districts Program”, BPCL is working on rural
year. community development with a special focus on

healthcare, sanitation, nutrition and school that there is proper adherence to the provisions of EPF &
education. In Gadchiroli district of Maharashtra, we MP Act, 1952/ESI Act 1948 covering social security
are ensuring distribution of rice grains fortified with aspects like PF, ESI etc. All the contractual labor engaged
iron and vitamins, livelihood support for poor are governed by the Contract Labor (Regulation and
farmers, restoration of historic water structures Abolition) Act, 1970.
while also supplementing clean drinking water,
1. Does the policy of the company on human rights
library and sanitation facilities in schools.
cover only the company or extend to the Group/
The rice fortification project has been appreciated by Joint Ventures/ Suppliers/Contractors/NGOs/
both the Central and State governments and the Others?
intervention is likely to be scaled up to other districts BPCL’s Human Rights policy covers the operations
across the country. controlled by the Company. It does not extend to its
F. SWACHH BHARAT INITIATIVES Group / Joint ventures etc.
With renewed efforts, BPCL has participated in the 2. How many stakeholder complaints have been
“Swachh Bharat Mission” of the Government of India received in the past financial year and what percent
and undertaken more than 79,000 activities during was satisfactorily resolved by the management?
the Swachhata Pakhwada reaching out to around 62 No complaint with respect to Human Rights were
lakh people with activities like awareness on reported during the FY 2020-21
sanitation, distribution of PPE kits for sanitation
workers and other related programs. BPCL received PRINCIPLE 6: ENVIRONMENTAL PROTECTION
an award from the Ministry of Petroleum and Natural 1. Does the policy related to Principle 6 cover only the
Gas for its excellent performance in the Pakhwada company or extends to the Group/Joint Ventures/
despite the lockdown. The company is persevering Suppliers/Contractors/NGOs/others?
its support of the Swachh Iconic Places i.e. Madurai
The applicability of Environmental Protection Policy
Meenakshi Temple in Tamil Nadu and Sri Adi
is limited only to the operations in BPCL, the Group
Shankaracharya Janmabhoomi Tirth in Kalady,
companies and Joint ventures have their own
Kerala.
environmental policies.
Sustaining BPCL’s previous efforts towards
2. Does the company have strategies/ initiatives to
eliminating manual scavenging by providing robotic
address global environmental issues such as
manhole cleaning machines, the company provided
climate change, global warming, etc.? Y/N. If yes,
10 new machines in Indore (Madhya Pradesh),
please give hyperlink for webpage etc.
Mumbai & Dhule (Maharashtra) and Coimbatore
(Tamil Nadu). The machines have been widely Yes, BPCL has a Board level Sustainable
appreciated and used which restored the dignity of Development Committee which discusses and
the sanitation workers. The cleaning of sewer lines reviews projects on Sustainable Development every
has benefitted more than 1.5 lakh population. 3-6 months and provides necessary directions and
guidelines for further improved opportunities.
PRINCIPLE 5: PROMOTION OF HUMAN RIGHTS
As part of its strategy for sustainable development,
BPCL believes in equal opportunity for its employees and
BPCL commenced benchmarking its performance on
ensures that there is no discrimination on the basis of
global sustainability platforms/indices like Carbon
caste, tribe, religion or region in extending the various
Disclosure Project (CDP) and Dow Jones
welfare facilities to take care of employees’ health,
Sustainability Index (DJSI). BPCL figures as the 10th
efficiency, financial wellbeing, social status, satisfaction,
best company among the top 30 companies in Oil and
employment, growth, remuneration or development, etc.
Gas Sector across the World as per the DJSI
All our vendor contracts have explicitly expressed terms
benchmarking. In CDP disclosure benchmarking,
and conditions (under General Conditions of Contract)
improved performance multi-folds from disclosure
for the vendors for engagements from a human rights
level ‘D’ to Management level ‘B’ by showcasing our
perspective. BPCL, being the principal employer, ensures

initiatives on reduction in emissions and climate R&D is engaged in developing new technologies to
change aspects. The management level is the second improve the fuel efficiency and address the
highest performance level in CDP disclosure environmental issues.
benchmarking scale when it comes to measuring the
An Efficient Vapor Recovery System (VRS) for Retail
progress towards environmental stewardship. These
Outlet (RO) - In-house designed VRS unit
consistent per formance assessments and
successfully commissioned at BP COCO retail outlet
benchmarking are part of BPCL’s strategy for
at Greater Noida in December 2020. Through this
continuous improvement and staying ahead of the
system 0.1 vol % MS was recovered from tank lorry
curve.
vapors, which is equivalent to ~ ` 3.4 lakhs/year & 20
The other components of BPCL’s sustainable TMT/ annum CO2 emission reduction for 300
development strategy include leveraging clean KL/month RO. Added new Vapour recovery system at
energy and technology options, energy efficiency 8 new retail locations to reduce VOC and emissions
and green cover carbon offsetting to the fullest
BPCL publishes its Sustainability Development
possible extent. The organization continues to
Report every year as per the GRI Standards that
maintain its focus on the usage of renewable energy
highlights Environmental, Social and Governance
across its operations in the wake of the India’s INDCs
(ESG) performance of the Company and can be
as per the Paris agreement. BPCL’s renewable energy
accessed at the following link: https://www.
contribution reached to 5.9% of total electricity
bharatpetroleum.com/sustainability/sustainability-
consumption at its refineries and marketing
reports.aspx.
locations, which also includes wind energy of
11.8 MW. 3. Does the company identify and assess potential
environmental risks? Yes / No
Enterprise wide GHG emissions accounting is being
carried out to measure GHG emissions intensity as a Yes, environmental risk is a prime area of concern of
performance metric. Both Refineries and Marketing BPCL considering its nature of business. BPCL has in
locations have carried out study on GHG emissions place a detailed Health, Safety and Environment
and Carbon Sequestration through trees which are Policy which emphasizes on use of appropriate
available at locations. The purpose of such study was technologies to minimize the impact of its activities
to establish GHG emission inventory and find the on the environment. Several of BPCL’s business units
methods to reduce emissions and make location have been certified for Environment Management
carbon neutral. BPCL-KR has been always Systems which enables the units to have Aspect-
consistently increasing its green cover inside Impact documented for the respective site. BPCL
refinery premises. As part of the Propylene Refineries and Marketing locations have been
Derivative Petrochemical Project (PDPP), more than certified for ISO 9001, ISO 14001, OHSAS-18001,
20000 saplings were planted in the year 2020-21. ISO 45001 and ISO 50001 i.e. Quality, Environment,
Scripting the journey of a safe, clean and green Occupational Health & Safety and Energy. The status
refinery, the Rainbow Park was inaugurated with a of implementation of Environment Management
wide variety of trees, herbal and medicinal plants are System (ISO 14001) in marketing locations is 100 %
planted in the area. BPCL MR and KR both have used in MMBPL, Lubricants and Retail Locations.
new ‘Miyawaki Japanese Technique’ to create forest An Incident Reporting and Information System
in a small area and increase the green cover. BPCL’s (IRIS) is in place in our refineries which has also been
business units have planted about 79,000 trees extended to Retail and LPG marketing locations
making a total of approximately 4 lacs trees during capturing details of incidents and mitigation
FY 2020-21. This also helped in increasing CO2 sink measures thereof. BPCL follows the precautionary
by more than 9,650 MT CO2e this year. principle for environmental impact management and
The energy conservation initiatives implemented by it conducts Environmental Impact Assessments
refineries resulted in meeting the PAT targets and (EIA) for green field and brownfield projects as per
assisted in reduction of carbon emissions. BPCL the statutory requirement to assess the impact

created by commissioning / operation of facility and per year. BPCL is also adding 1G Ethanol plant of 100
develop the environment management plan to KL/D capacity at Bargarh along with 2G Ethanol plant.
minimize the environmental impact. Pre-Feasibility Study has been carried out for grain
based 1G Ethanol plant at Madharam (Telangana),
4. Does the company have any project related to
Manmad (Maharashtra), Bina & Bhitoni (MP) to
Clean Development Mechanism? If yes, whether
any environmental compliance report filled? increase Production of Bio- Fuel.
Energy efficiency is one of the mainstays of industrial
Presently, BPCL does not have any project under the
efficiency and BPCL has implemented ISO 50001
Clean Development Mechanism.
based Energy Management System for continuous
5. Has the company undertaken any other initiatives improvements through its energy conservation
on – clean technology, energy efficiency, programmes across business units. Energy
renewable energy, etc.? Yes / No. If Yes, please Efficient Lighting (EEL) capacity has increased from
give hyperlink for web page etc. 17.95 MW to 53.24 MW during the FY 20-21. All the
Yes, BPCL has undertaken several projects Pipeline locations have converted to 100% Energy
pertaining to clean technology, energy efficiency and Efficient Lighting (EEL) besides MR and 25% of
renewable energy. In FY 2020-21 the capacity of marketing locations.
renewable energy at BPCL has increased from 43.43 BPCL is continuously working towards increasing
MW to 45.12 MW which is an increase of 4%. the Rain Water Harvesting (RWH) capacity to reduce
BPCL has been investing in a plethora of clean the dependency on other sources of water. The total
technologies/schemes. Some key interventions catchment area under rainwater harvesting has
include use of bio-fuels, leveraging its pipeline increased from 8,23,732 Sqm to 8,42,800 Sqm
network for crude transportation/ product during the year 2020-21. BPCL has carried out Water
distribution, Pradhan Mantri Ujjwala Yojna Scheme Balance Study (WBS) for MR & KR and implemented
of LPG etc. Initiatives on renewables have resulted in various recommendations that were brought forth
annual reduction of GHG emissions by through the study. Similarly, WBS has been carried
approximately 190.75 TMTCO2e. Additionally, other out in one Retail location and one LPG plant on pilot
sustainable initiatives like Ujjwala Yojna/ basis for optimizing water usage and shall be
Transportation of product through Pipelines and use replicated in other locations to achieve water
of Bio Fuel in MS and HSD has helped in reduction of neutrality.
emissions by approximately 5,547 TMTCO2e, Digital Initiatives for 20-21
totaling to 5,737.75 TMTCO2e for the year 2020-21.
• DHDS and VGOHDS catalyst replacement
At Mumbai Refinery, Benzene and Toluene product activities were done using remote monitoring
storage tanks were provided with N2 blanketing facility utilizing lean period of auto-fuel demand.
facility along with Fixed cum internal Floating Roof
with double seal arrangement. Bottom Lorry loading • Adopted Robotic Process Automation (RPA) and
facility was also provided at the dispatch unit for Optical Character Recognition (OCR) technologies
these products. This has ensured substantial for automation.
reduction in emission during storage, handling and • Digital solution for Refinery Wide Optimization
delivery of these products and enhancing health and was launched. It features deployment of digital
environment. A paper on the N2 blanketing facility twins, integration of the data silos across the
was presented by BPCL in CHT promoted Research refinery process units and in-house robotic
& Development Technical Forum (RDTF) and it was process automation for real time optimization.
recognized as the “Best Paper”
• Machine learning and GUMPS (Guided Ultrasonic
Work is in progress at 2G Ethanol Bio refinery at Monitoring Pipelines System) model implemented
Bargarh, Odisha which would assist BPCL in for real time monitoring.
reducing GHG emissions by about 60,000 MTCO2e

• Configured and deployed Real-wear Hands free MMBPL, BKPL, VBPL & CCKPL pipelines.
devices using Immersive & Augmented Reality
• Fiber Optics based Pipeline Intrusion Detection
(AR) technology for Safety Department.
Systems (PIDS) have been successfully
• BPC CATHOPRO a web-based portal was commissioned in Bina Kota Pipeline which will
designed in house and implemented in all help in preventing tapping by miscreants &
pipelines. This system will enable real time damage to pipelines by third party activities. Total
rectification of Cathodic Protection (CP) issue at 984 km of Pipeline out of 2,241 km is covered with
the work site and will reduce the additional visits PIDS.
made by contractors for rectification of issues.
BPCL MR launched an “Energy Portal” for on-line
With this software around 2,995 CP assets will be
monitoring of Refinery process, Performance along
monitored.
with MBN / unit wise energy model analytics for
• Hydraulic Simulator which includes models like prediction / planning purpose, including monitoring
operating head, leak location, pressure profile and of “significant Energy uses”. The following are major
calculators like Reynolds number friction factor energy efficiency (saving) initiatives implemented at
pump efficiency, prepared for all pipelines i.e. BPCL MR during FY 2020-21:

(` in Crores) MT/Year MWH/Year
1 Shifting of SWS-1 load to SWS-4 in the view of saving steam. NIL 952 -
2 Condensate Recovery System (CRS) in CCR unit. 0.2 35 -
3 Shutdown of DHDS ATU (OLD ATU) and transfer of load to NIL 690 -
RMP ATU for saving steam.
4 Implementation of Condensate recovery system (CRS) in CDU4. 1.94 495 -
5 Corro-coating of the CCR Cooling water pump for power saving. 0.1 540
6 Stoppage of standby CCR De-aerator BFW pump, due to 0.2 - 391
impeller size increment for power saving.
7 Replacement of existing Cooling water Supply pump in CPP 0.083 - 191
by new low life cycle cost (LLC) pump for power saving.
8 Replacement of existing Cooling water Supply pump in CPP 0.083 - 182
by new low life cycle cost (LLC) pump for power saving.
9 Use of Nitrogen in flare purge instead of Fuel Gas. NIL 533 -
10 Implementation of new APC strategy leading to reduction in NIL 714 -
steam consumption in CCR De-aerator.
11 Installation of IFC at Compressed Air System in Boiler House 0.2 134
for increasing reliability, leading to power saving.
12 APC implementation in DHT ATU: Optimized Lean Amine NIL 1071 -
circulation based on Calculated Lean Amine Loading in DHT
for steam saving.

13 Interconnection of discharge headers of G-45/45S & RP-03 0.05 - 1166

A/B pumps & shutting down of G-45/45S pump for
power saving.
14 Corro-coating of FCCU cooling water pump for power saving. 0.1 - 39
15 APC implementation in GTU for fuel saving by optimizing
reactor WABT & H2/HC ratio in HDS reactors. NIL 1,700 -
16 Replacement of existing MINAS Effluent pump in Utility by 0.25 - 183
new high energy efficient pumps for power saving.
17 Diversion of Old ATU flash drum off gases to Old SRU 0.1 50 -
Incinerator for fuel saving.
18 Procurement of Energy efficient RUA (Rotating unit 0.22 - 124
assembly) for crude pump P1 in Ph1
With the untiring efforts and commitment, Mumbai Refinery successfully completed various energy conservation
initiatives which is reflected in the Specific Energy Consumption (SEC) at 64.3 MBN for FY2020-21. Total 18 energy
conservation schemes were implemented by MR for a capital investment of about ` 3.53 Crores and having savings
potential of 6,240 MT/year of fuel and 2,950 MWh/year of energy which would help in reducing CO2 emission by
approximately 21,086 MT / Year.
By optimizing plant operation and implementing energy conservation schemes, the specific energy consumption (MBN) at
KR was brought down to 68.9 against the target of 71.5. The following are major energy efficiency (saving) initiatives
implemented during FY 2020-21 in Kochi Refinery:
1 Centralized contract for steam trap system management 0.53 7,790 -
(STSM) for entire population
2 Ejector rationalization in CDU2 and CDU3 including the Nil 14,899 -
condenser replacement in CDU3 leading to MP steam savings
3 Scheme for routing hot VR from CDU3 to BBU for Nil 424 -
heating Biturox feed
4 Scheme for routing CDU3 atmospheric column hot reflux drum 0.15 606 -
liquid directly to NSU1 thereby saving NSU re-boiler steam
5 DCU heater outlet 12 No’s of MOVs removed for saving the 0.26 3,210 -
valve purging steam
6 PFCCU charge heater was taken offline by managing the heat Nil 4,340 -
balance with hot feed and catalyst circulation thereby
saving fuel gas
7 Impeller trimming of pumps in CDU2 crude booster pump 0.15 - 320
leading power savings and debottlenecking of unit

8 Impeller trimming of PFCCU LCO pump around enabling 0.10 - 360

reduction in power consumption and plant debottlenecking
9 Flare purge reduction in CEMP flare by replacing with nitrogen Nil 2,170 -
10 ARU fractionation section reflux ratio optimization Nil 2,423 -
11 Scheme to dismantle MP LP lines to YP114 turbine
12 Schemes to dismantle steam lines to COB FD fan and
atomizing steam & MP LP lines to Ub6 0.02 1,514 -
13 Scheme to dismantle COB HP MP PRDS and associated lines
14 Scheme to dismantle 2" FO tracing line
In total KR has invested about ` 1.21 crores towards • “Improving thermal efficiency of domestic LPG
14 energy conservation programmes and having Cooking stove”, project was recognized with
savings potential of 37,375 MT/year of fuel, 680 the “First Runner Up - Environment Leadership
MWh/year of energy and CO2 emission reduction Category, Manufacturing Sector”
potential of 1,18,384 MTCO2e /Year.
• “Efficient vapor recovery system to meet
Additionally, Oil and Gas conservation mass Environmental emission norms at Retail
awareness campaign SAKSHAM was observed Outlets” project was recognized with the
complying all the COVID-19 protocols at BPCL KR. “Certificate of Merit - Environment Leadership
The programme included contests for building Category, Manufacturing Sector”.
energy conservation awareness among employees,
• BPCL KR won the following award in the field of
Radio programs for creating energy conservation
Energy conservation during the year:
awareness in public.
• Certificate of Merit in NECA (National Energy
The energy efficiency and sustainability efforts have
Conservation Awards) 2020 (organized by
been recognized across various platforms and BPCL
Bureau of Energy Efficiency).
business units have been conferred with several
awards during the FY 2020-21. Some are listed • ‘Refinery Performance Improvement Award’
below for the year 2019-20 (Declared by Centre for
High Technology)
• BPCL MR bagged two Awards – “Most Innovative
Environmental Project” & “Most Useful • BPCL received the "ASSOCHAM Innovators’
Environmental Project”, for indigenous Excellence Awards 2020" for Kochi Refinery's
development of “Bharat GSR CAT” from Spent 'Digital Twin Refinery Emission Model‘
FCC Catalyst recycle, in 7th edition of the CII – • Kochi Refinery bagged Apex India Foundation
Environmental Best Practices Award 2020. Green Leaf 2019 Platinum Award for outstanding
• Corporate Research & Development Centre achievement in Environmental Excellence
(CRDC) Team bagged prestigious FICCI • BPCL received Sustainability Performance Award
Chemicals and Petrochemicals Award 2021 under and CSR Award from Indian Chamber of
the category “Sustainability Award for the Best Commerce (ICC) for Corporate Governance &
Green Process in the Petrochemical Sector” for Sustainability Vision.
research on “Petroleum Sludge Valorization”.
• BPCL won the Global Platinum Award 2020 on
• CRDC also received two Awards in Frost & Sustainability from The Energy and Environment
Sullivan Project Evaluation & Recognition Foundation.
Program (PERP) 2020, for two projects –

• Responsible Business of the Year Award from • The application filed before NGT Chennai by VBR
Grant Thornton/Sabera Menon against the oil companies seeking for
directions to install VRS (Vapour Recovery
https://www.bharatpetroleum.com/sustainability/su
Systems) at ROs and giving directions to oil
stainability-reports.aspx.
companies not to commission and operate any
6. Are the Emissions/Waste generated by the new petrol pump without installing VRS. Hearing
company within the permissible limits given by scheduled in the month of July 2021
CPCB/SPCB for the financial year being reported?
• Pursuant to order dated 13th August, 2020 passed
Yes, the emission/waste generated during operation by the Hon’ble National Green Tribunal (NGT) in
are regularly monitored to ensure that they are well the execution petition titled Mr. Charudatt Koli &
within the respective permissible limits of the Central others vs Sealord Containers Pvt Ltd., MPCB vide
Pollution Control Board/ State Pollution Control the letter dated 7.9.2020 directed BPCL to deposit
Board. The emission and waste data are tracked a sum of ` 67.5 Cr in a ring-fenced account. BPCL
across BPCL’s business unit as per applicability and had challenged the said order before the Supreme
is reported in BPCL’s Sustainability Development Court. The Hon’ble Supreme Court has issued stay
Report. Moreover, an on-line emission monitoring order to the order of NGT dated 13.08.2020.
system is available at BPCL refineries, with the help • Vipin Nath AV & Sinu C Jacob vs BPCL and others.
of which, real time emission data is made available to Application has been filed before NGT, Chennai to
Pollution Control Board. Apart from online direct BPCL to develop and maintain proper green
monitoring, manual monitoring of ambient air belt and buffer zone around the boundary of
quality as per National Ambient Air Quality Standards Propylene Derivative Petrochemical Project
(NAAQS) is being carried out at the refineries. (PDPP) at BPCL KR unit under the Integrated
Refinery Expansion Project (IREP). Hearing is
7. Number of show cause/ legal notices received from
scheduled in the month of June 21.
CPCB/SPCB which are pending (i.e. not resolved to
satisfaction) as on end of Financial Year. • Shri Sant Dasganu Maharaj Shetkari Sangh,
representing 24 families who are residing and
The pending show cause/ legal notices received from
based at Akolner village, filed application before
CPCB/SPCB for FY 2020-21 are mentioned below:
National Green Tribunal alleging that ground water
• Tamil Nadu Pollution Control Board issued notice pollution caused by leakage of petroleum storage
for spillage of oil into Marine water during Fuel oil tank installed at village Akolner, District –
cargo discharge by MT Corals Stars at Kamarajar Ahmednagar by BPCL and other oil company. NGT
Port Ltd., ETTPL Ennore). partly allowed application and directed interalia for
remedial measure to be taken by Collector
• VP Krishnamoorthy vs BPCL, IOCL, HPCL, TNPCB Ahmednagar and cost of such remedial measure
and others filed at NGT, Chennai. The application be borne by BPCL and other oil company. Against
has been filed aggrieved by the health and safety said order, BPCL filed Civil Appeal before Supreme
hazards posed by the leakage in the pipelines laid Court of India. Supreme Court subsequently
by oil companies (IOCL, HPCL AND BPCL). BPCL directed Maharashtra Pollution Control Board to
is carrying out soil & water remediation including conduct an inspection to find out status of
extraction of residual vapors from contaminated Petroleum Product contamination at the Akolner
soil after scientific study by IIT Chennai.& filed a Village and pursuant to said order MPCB has since
report on the remediation process by BPCL. submitted its report.
Additionally, Health study is being conducted
PRINCIPLE 7: RESPONSIBLE PUBLIC POLICY ADVOCACY
through ICMR. The Hon’ble Tribunal granted six
month’s time to the parties to comply with the 1. Is your company a member of any trade and
directions and also file future progress report chamber or association? If Yes, Name only those
along with the health report. major ones that your business deals with:

Yes, BPCL is a member of several industrial and trade responsibility towards the community and the role it
associations. Some of the major ones are listed can play for the betterment of weaker sections of
below: society. At BPCL, it is a constant endeavour to
• Confederation of Indian Industry (CII) maximize the positive impacts of its activities and
ensure that they reach to all stakeholders.
• Federation of Indian Chambers of Commerce and
Industry (FICCI) The CSR projects of BPCL aim at benefitting the
• Bombay Chamber of Commerce & Industry community from low socio-economic strata and
identified as vulnerable, in & around the business
• ASSOCHAM
units such as refineries, depots, installations, LPG
• Indian Merchant Chambers bottling plants. As per the BPCL CSR policy, core
• World Energy Council-Indian Member Committee focus areas are Education, Water Conservation, Skill
• World LP Gas Association Development, Health & Hygiene and Community
Development. Additionally, the organization has been
• Petroleum Federation of India
actively involved in COVID-19 relief work since the
• Bio Diesel Association of India beginning of the pandemic. The community
• The Advertising Standards Council of India development programmes at BPCL are designed by
• National Accreditation Board for Testing and keeping the needs of the community in mind and its
Calibration Laboratories impact is geared towards inclusive growth &
equitable development.
• Oil Industry Safey Directorate (OISD)
• Petroleum and Explosives Safety Organisation 2. Are the programs/projects undertaken through in-
(PESO) house team/own foundation/external NGO/
government structures/any other organization?
2. Have you advocated/lobbied through above
associations for the advancement or improvement BPCL delivers its community programs in
of public good? Yes/No; if yes specify the broad collaboration with NGOs, foundations, Government
areas. departments, academia and other professional
agencies for execution of on-field projects. These
BPCL has been a part of various associations as partnerships are forged to deliver the maximum on-
mentioned above and puts forward its opinion from ground impact by having a credible and experienced
industry point of view by participating in concerned team in place that has the necessary expertise,
forums. BPCL also takes part in consultative resources and community outreach experience.
committees that frame policies as and when asked Additionally, BPCL has undertaken projects in
by the government or regulatory departments. The collaboration with other industry members to
senior officers of BPCL have been member of several develop the communities in the Aspirational districts
working committees in various areas such as Oil and in the commissioning of Skill Development
India Safety Directorate (OISD), Petroleum and Institutes etc.
Natural Gas Regulatory Board (PNGRB), Centre for
High Technology (CHT), etc. and contribute towards 3. Have you done any impact assessment of your
their agenda. initiative?
PRINCIPLE 8: INCLUSIVE GROWTH Yes, BPCL carries out periodic impact assessment of
its CSR projects as per the project monitoring &
1. Does the company have specified programs/ evaluation framework. This assessment is conducted
initiatives/projects in pursuit of the policy related both by internal mechanisms and through third-party
to Principle 8? If yes details thereof. for ensuring greater transparency.
Social responsibility is deeply enshrined in BPCL’s Through its CSR programs, BPCL is active in 27
vision and value system and inclusive growth is states covering 125 districts and 38 Aspirational
critical for the sustainability of its business. Being a districts. The beneficiary profile of the impact created
leading public sector entity, BPCL recognizes its through CSR project is presented in the table below.

Sr. Thrust Areas Beneficiaries People with Male Female Villages
No. (SC/ST/OBC) disability covered
1 Community development 8,48,773 16 5,66,737 5,45,938 6
2 Education 30,523 126 21,324 20,593 14
3 Health & hygiene 1,40,410 6,809 3,74,542 4,39,912 38
4 Skill development 2,270 3,883 4,111 2,872 12
5 Water conservation 241 0 123 118 1
6 Others 47,036 4,527 44,831 27,452 4
Total 10,69,253 15,361 10,11,668 10,36,885 75
4. What is your company’s direct contribution to During the FY 2020-21, a total of 12,27,456 customer
community development projects-amount in INR complaints were received through various channels
and the details of the projects undertaken? and out of which 12,27,411 were satisfactorily
BPCL’s total contribution towards the community resolved. Therefore, 99.99% of total complaints
development projects amounts to ` 144.90 crores in received were addressed within the financial year
FY 2020-21. The details of the various CSR Projects with an average closure time of one day. The balance
undertaken are provided in principle 4 section complaints will be addressed subsequently.
‘Stakeholder Engagement’. 2. Does the company display product information on
5. Have you taken steps to ensure that this community the product label, over and above what is mandated
development initiative is successfully adopted by as per local laws? Yes/No/N.A./Remarks
the community? Please explain in 50 words, or so. (additional information)
Community participation is key to successful Yes, the product information is prominently
implementation of any CSR program. At BPCL, due displayed on the product label wherever feasible. The
importance is given to the involvement of local information provided on the product labels are as per
communities across the various stages of project. National/ International Standards as applicable e.g.
This starts right from the planning stage i.e. with the BIS, API, DIN. etc.
baseline data collection or the needs assessment
survey till implementation stage through formation 3. Is there any case filed by any stakeholder against
of working groups such as farmer committees, the company regarding unfair trade practices,
village water committees, alumni committees and irresponsible advertising and/or anti-competitive
school management committees etc. Between the behaviour during the last five years and pending as
planning and the implementation stages, several of end of financial year. If so, provide details
capacity building sessions, training programs and thereof, in about 50 words or so.
meetings are held for the local communities and
No. of Cases No. of Cases
other various stakeholders associated with the
filed in the pending as on end
project. Moreover, innovative ways of involving the
last 5 years of financial year
community in certain projects is also employed such
2020-21
as making the community a partner in the
programme through a small financial contribution or Unfair trade 3 NIL
"Shramdaan”. This builds a sense of ownership by practices
the community and ensures project sustainability Irresponsible NIL NIL
after BPCL’s exit. Often, the community members advertising
associated with some of the successful projects also
Anti-competitive 5 5
champion the cause of enabling other villages/
communities. behaviour
PRINCIPLE 9: CUSTOMER VALUE In FY 2020-21, no new cases were filed on grounds of

1. What percentage of customer complaints/ unfair trade practices or anti-competitive behaviour. The
consumer cases are pending as on the end of earlier pending cases mentioned above can be referred at
financial year? BPCL AR FY 2019-20.

4. Did your company carry out any consumer aims to build high level of customer centricity, by
survey/consumer satisfaction trends? enabling BPCL field force to effectively build and
improve customer relationships, manage the
BPCL-CCS has not undertaken any formal survey
expanding base of customers and nurture prospects/
during the FY 2020-21. However, as part of business
leads effectively through a structured / guided
as usual operations, the business units at BPCL do
process
seek customer feedback through various channels
on a regular basis. BPCL has constantly endeavoured
to set new benchmarks in customer service Case study – Project Anubhav, an agile
standards, thereby meeting customer expectations development model for customer centricity
by consistently offering convenience, services and Under “Project Anubhav”, one of the key initiatives is to
redressing their grievances, if any, through a well- set up BPCL’s Integrated Messaging Platform that is
defined mechanism. aimed at unifying all customer interactions into a
Customer Engagement Platform (CEP) aims at consistent omni-channel conversation with customers
enabling Business Units and Entities through a across BUs. Accordingly, BPCL launched its first
unified platform such that BPCL gets single view of conversational Artificial Intelligence (AI) chatbot,
the customer across the organization. The first “Urja”, for customers. Urja is an intelligent virtual
offering from the CEP is the unified mobile assistant with AI/NLP (Natural Language Processing)
application for our customers – christened “Hello capabilities and trained on more than 600 use cases.
BPCL”. It shall act as a one stop solution for all sales She can chat with customers in 13 languages and is
and service activities for all BPCL customers, with available on Whatsapp and BPCL Website.
one click ordering of LPG to B2B sales, payments, Another initiative launched under Project Anubhav is
customer service, loyalty and rewards. In the first IRIS, the Digital Nerve Centre. IRIS is capable of
release (March’21), Hello BPCL is available for IOS / accepting more than 3 million inputs per second from
Android users and has been activated for LPG Local Automated systems, cameras and Internet of
consumers. In future releases, other customers of Things (IoT) devices, deployed at key locations like
BPCL shall be activated on the app / portal. You tube Retail Outlets, Fuel Terminals, LPG Plants, Consumer
channel “BharatGas Connect” was launched by Pumps, and Railway Installations along with the
BPCL, which gained 47K subscribers within associated Tank Trucks for product delivery. IRIS is
4 months of launch with live program “4 baje ki helping BPCL to optimize its operational performance
4 bateein”. and efficiency, enhance security, safety and deliver
A customer relationship management platform brand promises, using latest technology. Currently
powered by Salesforce – christened Sales Buddy has IRIS is integrated with 12,000+ Retail Outlets, 56 Retail
been deployed for internal employees. This platform terminals, 11 LPG Plants and 25,000+ Tankers

ANNEXURE-E
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA
COMMENTS OF THE COMPTROLLER AND The preparation of financial statements of Bharat Petroleum Corporation
AUDITOR GENERAL OF INDIA UNDER Limited for the year ended 31 March 2021 in accordance with the
SECTION 143(6)(b) OF THE COMPANIES financial reporting framework prescribed under the Companies Act,
A C T, 2 0 1 3 O N T H E F I N A N C I A L 2013 is the responsibility of the management of the company. The
STATEMENTS OF BHARAT PETROLEUM statutory auditors appointed by the Comptroller and Auditor General of
CORPORATION LIMITED FOR THE YEAR India under section 139(5) of the Act are responsible for expressing
ENDED 31 MARCH 2021. opinion on the financial statements under section 143 of the Act based
on independent audit in accordance with the standards on auditing
prescribed under section 143(10) of the Act. This is stated to have been
done by them vide their Audit Report dated 26 May 2021.
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 31 March 2021 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 auditor’s report under section 143(6)(b) of
the Act.
For and on behalf of the

Comptroller & Auditor General of India
Sd/-
C.M. Sane
Director General of Commercial Audit, Mumbai
Place: Mumbai
Date: 22nd July, 2021

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA
COMMENTS OF THE The preparation of consolidated financial statements of Bharat Petroleum Corporation Limited for
COMPTROLLER AND the year ended 31 March 2021 in accordance with the financial reporting framework prescribed
under the Companies Act, 2013 is the responsibility of the management of the company. The
AUDITOR GENERAL OF
statutory auditors appointed by the Comptroller and Auditor General of India under section 139(5)
INDIA UNDER SECTION read with section 129(4) of the Act are responsible for expressing opinion on the financial statements
143(6)(b) READ WITH under section 143 read with section 129(4) of the Act based on independent audit in accordance with
SECTION 129(4) OF THE the standards on auditing prescribed under section 143(10) of the Act. This is stated to have been
COMPANIES ACT, 2013 done by them vide their Audit Report dated 26 May 2021.
ON THE CONSOLIDATED I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit
FINANCIAL STATEMENTS under section 143(6)(a) read with section 129(4) of the Act of the consolidated financial statements
of Bharat Petroleum Corporation Limited for the year ended 31 March 2021. We conducted a
OF BHARAT PETROLEUM
supplementary audit of the financial statement of (Annexure-I), but did not conduct supplementary
CORPORATION LIMITED audit of the financial statements of (Annexure-II) for the year ended on that date. Further, section
FOR THE YEAR ENDED 139(5) and 143(6)(b) of the Act are not applicable to (Annexure-III) being private entities
31 MARCH 2021. incorporated in Foreign countries under the 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 behalf of the

Comptroller & Auditor General of India
Sd/-
Place: Mumbai C.M. Sane
Date: 22nd July, 2021 Director General of Commercial Audit, Mumbai
Annexure-I Annexure-II Annexure-III

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

166
ANNEXURE TO THE DIRECTORS’ REPORT ANNEXURE F
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

Nil
2. Details of material contracts or arrangement or transactions at arm’s length basis
Sr. Name of the Related Party Nature of Nature of Contracts/ Duration of the Contracts/ Salient Terms of the Transaction Values Dates of Amount Paid
No. Relationship Arrangements/Transactions Arrangements/ Contracts/Arrangements/ in FY 2020-21 Board as Advances
Transactions Transactions (` Crores) Approval (` Crores)
1 Bharat Oman Refineries Limited Joint venture Sale, Purchase of goods 2020-21 Purchase of goods 35,854.25 NA -
2 Bharat Oman Refineries Limited Joint venture Sale, Purchase of goods 2020-21 Sale of goods 2,801.05 NA -

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 K. Padmakar
Date : 26th May, 2021 Chairman & Managing Director
166
ANNEXURE-G
Disclosure are required under Regulation 34, Schedule V of the SEBI
(Listing Obligation and Disclosure Requirement) Regulations, 2015
` in Crores
Particulars Balance as on Maximum amount

outstanding during the period
31.03.2021 31.03.2020 2020-21 2019-20
(a) Loans and advances in the nature of Loans:

(i) To Subsidiary Company - 2,090.00 2,950.00 3140.00 2,950.00
Bharat PetroResources Limited
(ii) To Joint Ventures- Bharat Oman Refineries 1,269.00 1,254.10 1269.10 1,254.10
Limited and Haridwar Natural
Gas Private Limited
(iii) To Firms/Companies in which directors - - - -
are interested
(b) Investment by the loanee in the shares of BPCL - - - -
and its subsidiary company

ANNEXURE-H
FORM NO. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2021
[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 with modifications as
deemed necessary, without changing the substance of format given in MR-3]
To, compliance of laws, rules and regulations,

The Members, happening of events, etc.
v. The compliance with the provisions of Corporate
Due to widespread outbreak of COVID-19 and and other applicable laws, rules, regulations,
consequent and subsequent imposition of lockdown, we standards is the responsibility of the
have conducted the secretarial audit through electronic management. Our examination was limited to
platform during the lock down period of the compliance the verification of procedures on test basis.
of applicable statutory provisions and the adherence to
vi. The Secretarial Audit report is neither an
good corporate practices by Bharat Petroleum
assurance as to the future viability of the
Corporation Limited (CIN L23220MH1952GOI008931)
Company nor of the efficacy or effectiveness
(hereinafter called the “Company”) for the financial year
with which the management has conducted the
ended 31st March, 2021. Secretarial Audit was
affairs of the Company.
conducted in a manner that provided us a reasonable
basis for evaluating the corporate conduct/statutory B. Based on our online verification of the Company’s
compliances and expressing our opinion thereon. books, papers, minute books, forms and returns
filed and other records maintained by the Company
A. In expressing our opinion it must be noted that-
and also the information provided by the Company,
i. Maintenance of secretarial record is the its officers, agents and authorized representatives
responsibility of the management of the during the conduct of Secretarial Audit, we hereby
Company. Our responsibility is to express an report that in our opinion, the Company has, during
opinion on these secretarial records based on the audit period covering the financial year ended on
our audit. 31st March, 2021, complied with the statutory
provisions listed hereunder and also that the
ii. We have followed the audit practices and
Company has proper Board-processes (duly
processes as were appropriate to obtain
evolved) and compliance-mechanism in place to the
reasonable assurances about the correctness of
extent, in the manner and subject to the reporting
the contents of the secretarial records. The
made hereinafter.
verification was done on test basis to ensure that
correct facts are reflected in secretarial records. C. We have examined the books, papers, minute books,
We believe that the processes and practices we forms and returns filed and other records maintained
followed provide a reasonable basis of our by the Company for the financial year ended on 31st
opinion. March, 2021 according to the provisions of:
iii. We have not verified the correctness and I. The Companies Act, 2013 (the Act) and the rules
appropriateness of the financial statements of made thereunder;
the Company.
II. The Securities Contracts (Regulation) Act, 1956
iv. Wherever required, we have obtained the (‘SCRA’) and the rules made thereunder;
management representation pertaining to

III. The Depositories Act, 1996 and the Regulations VII. The following Acts and Rules made thereunder
and Bye-laws framed thereunder; pertaining to oil and gas business, as applicable
to the Company:
IV. Foreign Exchange Management Act, 1999 and
the rules and regulations made thereunder to (a) Oil fields (Regulation and Development) Act,
the extent applicable to Foreign Direct 1948;
Investment, Overseas Direct Investment and
(b) The Petroleum Act, 1934;
External Commercial Borrowings;
(c) Mines and Minerals (Regulation and
V-A The following Regulations and Guidelines
Development) Act, 1957;
prescribed under the Securities and Exchange
Board of India Act, 1992 (‘SEBI Act’): (d) P e t r o l e u m a n d M i n e r a l s P i p e l i n e s
(Acquisition of Right of User Inland) Act,
(a) The Securities and Exchange Board of India
1962;
(Substantial Acquisition of Shares and
Takeovers) Regulations, 2011; (e) Oil Mines Regulations, 1984;
(b) The Securities and Exchange Board of India (f) Petroleum & Natural Gas Rules, 1959;
( P r o h i b i t i o n o f I n s i d e r Tr a d i n g ) (g) Petroleum Rules, 2002;
Regulations,2015; and
(h) The Oil Industry (Development) Act, 1974.
(c) The Securities and Exchange Board of India
(Registrar to an Issue and Share Transfer (i) The Energy Conversation Act, 2001
Agents) Regulations, 1993 regarding the (j) Petroleum & Natural Gas Regulatory Board
Companies Act and dealing with client. Act, 2006
(d) The Securities and Exchange Board of India (k) Petroleum & Mineral Pipelines (Acquisition
(Issue and Listing of Debt Securities) of Rights of User in Land) Act, 1962
Regulations, 2008;
We have also examined the compliance with regard to
(e) The Securities and Exchange Board of India the following:
(Share Based Employee Benefits)
i. Secretarial Standards in respect of Meetings of
Regulations, 2014;
Board of Directors (SS-1) and General Meetings
V-B The Company has not undertaken any of the (SS-2) issued by the Institute of Company
activities during the audit period as envisaged in Secretaries of India.
the following Regulations and Guidelines
ii. Compliance with SEBI (Listing Obligations &
prescribed under the SEBI Act and hence are
Disclosure Requirements) Regulations, 2015
not relevant for the purpose of audit:-
(“SEBI LODR”).
(a) The Securities and Exchange Board of
D. During the period under review, the Company has
India (Delisting of Equity Shares)
complied with the provisions of the Act, Rules,
Regulations, 2009;
Regulations, Guidelines, Standards etc. mentioned
(b) The Securities and Exchange Board of above except to the extent as mentioned below:
India (Buy-Back of Securities)
1) The Company did not have:
Regulations, 2018; and
i. Woman Independent Director on its Board as
(c) The Securities and Exchange Board of
required under second proviso of sub-
India (Issue of Capital and Disclosure
section (1) of Section 149 of the Act read with
Requirements) Regulations, 2018.
Companies (Appointment and Qualification
VI. Guidelines on Corporate Governance for Central of Directors) Rules, 2014 and Regulation
Public Sector Enterprises (‘CPSE Guidelines’) 17(1)(a) of SEBI LODR for the period from
issued by the Department of Public Enterprises. 01.04.2020 to 31.03.2021;

ii. Optimum combination of executive and non- Chairman and two Part time Directors as members
executive directors as required under for consideration of BPCL Employee Stock Purchase
Regulation 17(1)(a) of SEBI LODR and Scheme 2020 (ESPS Scheme) under Regulation 5 of
CPSE Guidelines for the period 01.04.2020 the SEBI (Share Based Employee Benefits)
to 31.08.2020; Regulations, 2014. The Company has been granted
post facto relaxation by SEBI from compliance of
iii. Requisite number of Independent Directors
provisions of Regulation 5 of the SEBI (Share Based
on its Board as required under sub-section
Employee Benefits) Regulations, 2014 relating to
(4) of Section 149 of the Act, Regulation
composition of the Compensation Committee for the
17(1)(b) of SEBI LODR and CPSE Guidelines
purpose of administration and superintendence of
for the period under review i.e. 01.04.2020 to
the ESPS Scheme.
31.03.2021;
We also state that the Company being a Government
iv. Proper composition of Committees namely
Company under the administrative control of the
(1) Audit Committee as prescribed under the
Ministry of Petroleum & Natural Gas (MoP&NG), the
Section 177(2) of the Act, Regulation
power to appoint Directors (including Independent
18(1)(a), (b) and (d) of SEBI LODR and CPSE
Directors) and the terms and conditions of such
Guidelines and (2) Nomination and
appointment, vests with the Government of India. As
Remuneration Committee as prescribed
informed by the Company, the matter regarding
under the Section 178(1) of the Act,
appointment of required number of Independent
Regulation 19(1)(a)and 19(2) of SEBI LODR
Directors and Woman Independent Director has been
for the period from 10.04.2020 till
taken up with MoP&NG from time to time.
31.3.2021;
E. We further report that,
2) Has not held
I. The Board of Directors of the Company is duly
I. Any meeting of the Audit Committee during
constituted with proper balance of Executive
the year i.e. from 01.04.2020 to 31.03.2021
Directors, Non-Executive Directors and
as required under Regulation 18(2)(a) of
Independent Directors except to the extent as
SEBI LODR and CPSE Guidelines. However
mentioned above. The changes in the
the obligations of the Audit Committee were
composition of the Board of Directors that took
exercised by the Board of Directors during
place during the period under review were
the period under review i.e. 01.04.2020 to
carried out in compliance with the provisions of
31.03.2021;
the Companies Act, 2013.
II. Any meeting of the Nomination and
II. Adequate notice is given to all directors to
Remuneration Committee during the year i.e.
schedule the Board Meetings, agenda and
from 01.04.2020 to 31.03.2021, as required
detailed notes on agenda were sent well in
under Regulation 19(3A) of SEBI LODR.
advance, and a system exists for seeking and
However the obligations of the Nomination
obtaining further information and clarifications
and Remuneration Committee were
on the agenda items before the meeting and for
exercised by the Board of Directors during
meaningful participation at the meeting.
the period under review i.e. 01.04.2020 to
31.03.2021; III. As per the minutes of the Board duly recorded
and signed by the Chairman, the agenda items
III. Any meeting of the Independent Directors
were deliberated and decisions of the Board were
during the year i.e. from 01.04.2020 to
unanimous and no dissenting views have been
31.03.2021, as required under Regulation
recorded.
25(3) and (4) of SEBI LODR;
F. We further report that there are adequate systems
We further state that the Company has formed the
and process in the Company commensurate with its
Compensation and Remuneration Committee
size and operations to monitor and ensure
comprising of one Independent Director as

compliance with applicable laws, rules, regulations 5. Pursuant to the announcement of BPCL
and guidelines. Employee Stock Purchase Scheme (ESPS) 2020
and creation of "BPCL ESPS Trust" by the
G. We further report that during the audit period:
Company for the purpose of acquiring shares for
1. The Company has sold its entire equity allotting to eligible employees, "BPCL ESPS
shareholding in Numaligarh Refinery Limited Trust" has purchased 4,33,79,025 equity shares
(NRL), a material subsidiary of the Company i.e. from "BPCL Trust for investment in shares".
45,35,45,998 equity shares of Rs. 10/-each held Further, the Company has sold 12,60,33,090
by the Company (constituting 61.65% of the equity shares from "BPCL Trust for investment in
total equity capital of NRL). Consequent to the shares" via Bulk Deal on Stock Exchange for Net
completion of the aforesaid sale of equity shares, Consideration of 5,511.79 Crores.
NRL has ceased to be the subsidiary of the
H We further report that during the audit period none of
Company w.e.f. 26th March 2021;
the following events has taken place, except those
2. The Company has issued unsecured non- mentioned above:
convertible debentures aggregating to
(I) Public/Rights/Preferential Issue of Shares/
` 1995.20 Crores through private placement,
Sweat equity etc.
during the year under review;
(ii) Redemption/Buy Back of securities.
3. The Company has entered into a Share Purchase
Agreement (SPA) with Joint Venture Partner OQ (iii) Major decisions taken by the members in
S.A.O.C. (formerly known as Oman Oil Company pursuance to Section 180 of the Companies Act,
S.A.O.C.) ("OQ") on 31st March 2021, regarding 2013
purchase of 88,86,13,336 equity shares of
(iv) Reconstruction etc.
Bharat Oman Refineries Limited (BORL), a Joint
Venture Company, constituting 36.62% of the (v) Foreign Technical Collaborations.
equity share capital, for a consideration of For DHOLAKIA & ASSOCIATES LLP
around ` 2,399.26 Crores. The closure of the (Company Secretaries)
transaction as per the SPA is expected to be
completed in Financial Year 2021-22. Sd/-
4. The proposed merger of Bharat Gas Resources
Designated Partner
Limited (BGRL) Wholly Owned Subsidiary of the
FCS-977 CP No. 507
Company ("Transferor Company") and the
Company, pursuant to approval of the Scheme of
Amalgamation, is in process as on 31st March Place : Mumbai
2021 and will be completed after obtaining Date : 23rd July, 2021
approval from respective authorities; UDIN : F000977C000678907

ANNEXURE-I
BHARAT OMAN REFINERIES LIMITED,
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31st March, 2021
[Pursuant to section 204(1) of the Companies Act, 2013 and rule no.9 of the Companies (Appointment and
Remuneration Personnel) Rules, 2014]
To, (ii) The Securities Contracts (Regulation) Act, 1956

The Members, (‘SCRA’) and the rules made thereunder;
Bharat Oman Refineries Limited,
(iii) The Depositories Act, 1996 and the Regulations
I have conducted the Secretarial Audit of the compliance and Bye laws framed thereunder;
of applicable statutory provisions and the adherence to
(iv) Foreign Exchange Management Act, 1999 and the
good corporate practices by Bharat Oman Refineries
rules and regulations made thereunder to the extent
Limited (hereinafter called ‘the Company’). Secretarial
of Foreign Direct Investment, Overseas Direct
Audit was conducted in a manner that provided me a
Investment and External Commercial borrowing;
reasonable basis for evaluating the corporate
conducts/statutory compliances and expressing my (v) The following Regulations and Guidelines
opinion thereon. I have conducted online verification prescribed under the Securities and Exchange
and examination of records as facilitated by the Board of India Act, 1992 (‘SEBI Act’) :-
Company due to Covid 19 and subsequent lockdown a) The Securities and Exchange Board of India
situation for the purpose of issuing this Report. (Substantial Acquisition of Shares and
Based on my verification of the Company’s books, Ta k e o v e r s ) R e g u l a t i o n s , 2 0 1 1 ( N o t
papers, minute books, forms and returns filed and other applicable to the Company);
records maintained by the Company and also the b) The Securities and Exchange Board of India
information provided by the Company, its officers, agents (Prohibition of Insider Trading) Regulations,
and authorized representatives during the conduct of 2011 (Not applicable to the Company);
secretarial audit, I hereby report that in my opinion, the
Company has during the audit period covering the c) The Securities and Exchange Board of India
financial year ended on 31st March, 2021 complied with (Registrar to an Issue and Share Transfer
the statutory provisions listed hereunder and also that Agents) Regulations, 1993 regarding the
the Company has proper Board process and compliance Companies Act and dealing with the client
mechanism in place to the extent, in the manner and (Not applicable to the Company);
subject to the reporting made hereinafter: d) The Securities and Exchange Board of India
I have examined the books, papers, minute books, forms (Issue of Capital and Disclosure
and returns filed and other records maintained by the Requirements) Regulations, 2009 (Not
Company for the financial year ended on 31st March, applicable to the Company);
2021 according to the provisions of: e) The Securities and Exchange Board of India
(i) The Companies Act, 2013 (the Act) and the Rules (Employees Stock Option Scheme and
made thereunder subject to the observations made Employees Stock Purchase Scheme)
herein below; Guidelines, 1999 and the Securities and
Exchange Board of India (Share Based
a) Debenture Redemption Reserves as required Employee Benefits) Regulations, 2014 (Not
under Section 71(4) of the Companies Act, applicable to the Company);
2013 is not created in absence of profit.

f) The Securities and Exchange Board of India (iv) As per the Clause 3.3 of the DPE Guidelines, the
(Issue and Listing of Debts Securities) Board is required to meet atleast once in every three
Regulations, 2008; months and atleast four such meetings are required
g) The Securities and Exchange Board of India to be held in a year. Further, time gap between any
(Delisting of Equity Shares) Regulations, two meetings should not be more than three
2009 (Not applicable to the Company); and months. It is observed that the gap exceeded a
period of three months between two Board
h) The Securities and Exchange Board of India Meetings held on 27/10/2020 and 28/01/2021.
(Buy-back of Securities) Regulations, 1998 However, as per the relevant provisions of the
(Not applicable to the Company).
Companies Act, 2013, the gap between two
(vi) According to explanation and information given by consecutive meetings of the board shall not be
the Company, its officers and authorised more than 120 days.
representative, the following laws are specifically
(v) Since the Company does not have the required
applicable to the Company:
number of Independent Directors, composition of
• The Petroleum Act, 1934; the Audit Committee was not as per the Clause 4.1.1
• Petroleum Rules, 2002 of the DPE Guidelines during the audit period.
I have also examined compliance with the applicable (vi) Further, as per Clause 4.4. of the DPE Guidelines,
clauses of the following: the Audit Committee is required to meet four times
in a year and not more than four months should
(i) Secretarial Standards with regard to Meeting of the elapse between the two meetings. It is observed
Board of Directors (SS-1) and General Meetings that Audit Committee met only twice during the
(SS-2) issued by the Institute of the Company
audit period i.e. on 28th May, 2020 & 11th August,
Secretaries of India; and
2020. No Audit Committee meeting was held after
(ii) SEBI (Listing Obligations and Disclosure 11th August, 2020.
Requirements) Regulations, 2015.
I further report that the compliance by the Company of
(iii) Guidelines on Corporate Governance for Central applicable financial laws like direct and indirect tax laws
Public Sector Enterprises, 2010 as issued by the has not been reviewed in this audit since the same has
Ministry of Heavy Industries and Public been subject to review by statutory financial audit and
Enterprises, Government of India. other designated professionals.
I report that during the year under review, the Company I further report that –
has complied with the provisions of the Act, Rules,
Regulations, Guidelines and Standards as mentioned • The Board of Directors of the Company is duly
above subject to observation made hereunder: constituted as stated hereinabove except
appointment of Independent Director as required
(i) Debenture Redemption Reserves as required under DPE guidelines. The Changes in the
under Section 71(4) of the Companies Act, 2013 is
composition of the Board of Directors that took
not created in absence of profit.
place during the year under review were carried out
(ii) The Board of Directors of the Company is not in compliance with the provisions of the Act.
constituted as per Clause 3.1 of the DPE
• Adequate notice is given to all directors to schedule
Guidelines, namely there is no optimum
combination of functional, nominee and the Board Meetings, agenda and detailed notes on
independent directors. agenda were sent at least seven days in advance
and a system exits for seeking and obtaining further
(iii) The Company does not have required number of information and clarifications on the agenda items
Independent Directors under the Clause 3.1.4 of before the meeting and for meaningful participation
the DPE Guidelines during the financial year ended at the meeting.
31st March, 2021.

• As per the minutes of the meeting duly recorded regulations, guidelines, etc. as referred to above, having
and signed by the chairman, the decisions of the major bearing on the Company’s affairs.
Board and its Committees were unanimous and no
SD/-
dissenting views have been recorded.
(U.C. SHUKLA)
I further report that there are adequate systems and COMPANY SECRETARY
processes in the Company commensurate with the size FCS: 2727/CP: 1654
and operation of the Company to monitor and ensure
UDIN : F002727C000655852
compliance with applicable laws, rules, regulations and
Place : Mumbai
guidelines.
Date : 19th July, 2021
I further report that during the audit period, the Company
issued 14,400 Debentures having a face value of Note: This report is to be read with my letter of even
` 10,00,000/- each aggregating to ` 14,400,000,000 and date which is annexed as ‘ANNEXURE A’ and forms an
get the said listed on BSE Ltd. Except this, there was no integral part of this report.
specific event/action in pursuance to the laws, rules,

ANNEXURE-A
To, 4. Wherever required, I have obtained the management

The Members, representation about the compliance of the laws,
Bharat Oman Refineries Limited, rules and regulations and happening of events etc.
My report of even date is to be read with this letter. 5. The compliance of the provisions of corporate and
other applicable laws, rules, regulations and
1. Maintenance of secretarial record is the
standards is the responsibility of the management.
responsibility of the management of the Company.
My examination was limited to the verification of
My responsibility is to express an opinion on these
procedure on test basis.
secretarial records based on my audit.
6. The secretarial audit report is neither an assurance
2. I have followed the audit practices and processes as
as to future viability of the Company nor of the
were appropriate to obtain reasonable assurance
efficacy or effectiveness with which the
about the correctness of the contents of the
management has conducted the affairs of the
secretarial records. The verification was done on
Company.
the test basis to ensure that correct facts are
reflected in secretarial records. I believe that the (U.C. SHUKLA)
process and practices, I followed, provide COMPANY SECRETARY
reasonable basis for my opinion. FCS: 2727/CP: 1654
3. I have not verified the correctness and UDIN : F002727C000655852
appropriateness of financial records and books of Place : Mumbai
accounts of the Company. Date : 19th July, 2021

PERFORMANCE PROFILE
Parciculars 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13 2011-12
1. Refinery Thruput (TMT)
Imported 22,746 27,447 26,139 23,795 20,421 18,028 17,661 16,761 17,155 16,353
Indigenous 3,658 4,464 4,867 4,746 4,970 6,088 5,694 6,590 6,050 6,559
TOTAL 26,404 31,911 31,006 28,541 25,391 24,115 23,355 23,351 23,205 22,912
2. Production Quantity (TMT) 25,123 30,240 29,340 26,946 24,206 22,965 22,149 22,052 21,843 21,522
Light Distillates % 35.05 30.99 28.85 29.50 30.05 28.90 27.93 29.19 28.52 28.91
Middle Distillates % 55.34 58.21 58.13 59.58 59.83 60.27 59.65 57.02 56.26 55.42
Heavy Ends % 9.61 10.80 13.02 10.93 10.12 10.83 12.42 13.78 15.22 15.68
3. Fuel and Loss as % of 4.9 5.2 5.4 5.6 4.7 4.8 5.2 5.6 5.9 6.1
Refinery Throughput *
4. Market Sales (MMT) 38.74 43.10 43.07 41.21 37.68 36.53 34.45 34.00 33.30 31.14
5. Lubricants Production (MT) 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 2,17,851
6. Market Participation % 24.4 24.5 24.5 23.8 22.8 22.9 23.3 23.5 23.1 22.4
7. Marketing Network
Installations 16 15 14 13 13 13 13 12 12 12
Depots 106 108 109 110 115 118 114 116 115 115
Aviation Service Stations 57 58 56 50 43 40 35 34 36 36
Total Tankages (Million KL) 3.86 3.95 4.02 3.95 3.70 3.60 3.52 3.49 3.44 3.43
Retail Outlets 18,637 16,234 14,802 14,447 13,983 13,439 12,809 12,123 11,637 10,310
LPG Bottling Plants 53 52 52 51 51 50 50 50 50 49
LPG Distributors 6,165 6,110 5,907 5,084 4,684 4,494 4,044 3,355 2,949 2,658
LPG Customers (No. Million) 85.53 83.42 78.33 66.63 60.60 50.6 45.8 41.2 37.4 34.5
8. Manpower (Nos.) 9,251 11,249 11,971 12,019 12,484 12,623 12,687 13,214 13,213 13,343
9. Sales and Earnings
(` Crores)
i) Sales and Other Income 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 2,03,866
(excluding subsidy)
ii) Gross Profit before 21,475 9,721 14,948 14,772 13,430 12,801 10,515 9,555 7,787 5,569
Depreciation, Interest,
Exceptional items & Tax
iii) Depreciation 3,978 3,787 3,189 2,653 1,891 1,845 2,516 2,247 1,926 1,885
iv) Interest 1,328 2,182 1,319 833 496 565 583 1,359 1,825 1,800
v) Exceptional items
(Income)/Expenses (6,449) 1,081 - - - - - - - -
vi) Profit before Tax 22,618 2,671 10,440 11,286 11,043 10,391 7,416 5,949 4,036 1,884
vii) Tax 3,576 (12) 3,308 3,310 3,004 3,335 2,331 1,888 1,393 573
viii) Profit after Tax 19,042 2,683 7,132 7,976 8,039 7,056 5,085 4,061 2,643 1,311
10. What the Company Owned
(` Crores)
i) Gross Property, Plant 88,063 79,290 62,858 53,594 46,761 37,700 49,475 41,229 36,095 32,846
and Equipment (including
Right of use, Capital
Work-in-Progress and
investment property)
ii) Net Property, Plant and 71,389 66,456 53,554 47,436 43,060 35,872 27,981 22,105 19,110 17,732
Equipment (including
Right of use, Capital
Work-in-Progress and
investment property)
iii) Net Current Assets 5,499 3,452 4,866 878 151 (65) (991) 9,584 14,690 13,612
iv) Non-Current Assets 18,254 18,950 15,436 15,693 14,672 11,283 11,463 10,671 9,482 8,430
Total Net Assets 95,142 88,858 73,856 64,007 57,883 47,090 38,453 42,360 43,282 39,774
(ii + iii+ iv)

PERFORMANCE PROFILE (CONTD.)
Parciculars 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13 2011-12
11. What the Company Owed
(` Crores)
i) Share Capital @ 2,093 1,967 1,967 1,967 1,311 656 723 723 723 362
ii) Other Equity 52,452 31,248 34,771 32,165 28,357 26,667 21,744 18,736 15,911 14,552
iii) Total Equity ( i + ii ) 54,545 33,215 36,738 34,131 29,668 27,323 22,467 19,459 16,634 14,914
iv) Borrowings ** 26,315 41,875 29,099 23,351 23,159 15,857 13,098 20,322 23,839 22,994
v) Non Current Lease 7,602 5,791 - - - - - - - -
Liability
vi) Deferred Tax Liability 4,472 5,967 6,169 4,956 3,502 2,622 1,708 1,361 1,656 1,401
(net)
vii) Non- Current Liabilites 2,208 2,010 1,850 1,569 1,554 1,288 1,180 1,218 1,153 465
Total Funds Employed 95,142 88,858 73,856 64,007 57,883 47,090 38,453 42,360 43,282 39,774
(iii + iv + v + vi + vii)
12. Internal Generation
(` Crores) 17,231 1,133 7,449 8,759 4,723 6,516 5,989 4,586 4,002 3,135
13. Value Added (` Crores) 47,465 25,703 30,888 28,318 25,903 24,885 20,569 20,855 17,638 14,837
14. Earnings in Foreign 6,616 15,168 13,220 10,371 10,152 7,138 12,364 19,122 18,456 19,316
Exchange (` Crores)
15. Ratios
i) Gross Profit before 7.0 2.9 4.4 5.3 5.5 5.9 4.1 3.5 3.1 2.5
Exceptional items
& Tax as % age of
Sales and Other Income
ii) Profit after Tax as % 43.4 7.7 20.1 25.0 28.2 28.3 24.3 22.5 16.8 9.1
age of average Total
Equity
iii) Gross Profit before
Exceptional items &
Tax as % age of
Capital Employed ** 27.6 13.6 23.1 25.5 30.1 38.9 36.1 25.4 19.7 14.6
iv) Profit before Tax as 29.1 3.7 16.1 19.5 24.8 31.6 25.5 15.8 10.2 4.9
% age of
Capital Employed **
v) Profit After Tax as
% age of
Capital Employed ** 24.5 3.8 11.0 13.8 18.0 21.4 17.5 10.8 6.7 3.4
vi) Debt Equity Ratio ** 0.48 1.26 0.79 0.68 0.78 0.58 0.58 1.04 1.43 1.54
16. Basic Earning per
Share (`) # 96.44 13.64 36.26 40.55 40.87 35.88 23.44 18.72 12.18 6.04
17. Diluted Earning per 96.12 13.64 36.26 40.55 40.87 35.88 23.44 18.72 12.18 6.04
Share (`) #
18. Book Value per Share (`) # 260.62 168.87 186.78 173.53 150.84 138.92 103.57 89.70 76.68 68.75
19. Dividend ^
i) Percentage 790 165 190 210 325 310 225 170 110 110
ii) Amount (` Crores) 17,137 3,579 4,122 4,555 4,700 2,242 1,627 1,229 795 398
Note: The figures from 2015-16 onwards are as per Indian Accounting Standards
* 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.

178
SOURCES AND APPLICATION OF FUNDS
` in Crores
Particulars 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13 2011-12
SOURCES OF FUNDS
OWN
Profit after Tax 19,042 2,683 7,132 7,976 8,039 7,056 5,085 4,061 2,643 1,311
Foreign Exchange Gain credited to Foreign Currency - 29 - - 286 - - 184 - -
Monetary Item Translation Difference Account (Net of
amortisation)
Capital Grants received / (Reversed) (Net of amortisation) - - - - - - 3 5 - -
Adjustment on account of Transitional Provisions - - (40) (78) - - - - - -
Depreciation 3,978 3,787 3,189 2,653 1,888 1,838 2,524 2,247 1,926 1,885
Investment (net) - - - - - - - 262 - 461
Deferred Tax Provision (1,496) (202) 1,213 1,454 880 588 347 (295) 255 393
Equity instruments through OCI 136 (313) (64) (15) 183 (182) - - - -
Income from “BPCL Trust for Investment in Shares” 323 496 364 297 526 260 - - - -
Proceeds from issue of equity shares by “BPCL Trust for 5,512 - - - - - - - - -

Investment in Shares”
Employee Stock option Granted 941 - - - - - - - - -
Remeasurement of defined benefit plan (68) (185) (138) 24 (51) (93) - - - -
BORROWINGS
Loans (net) - 12,776 5,749 191 7,302 2,864 - - 845 4,022
Lease Liability 1,902 5,943 - - - - - - - -
Deposits for container 626 911 1,881 1,405 1,695 1,124 1,183 904 653 613
Decrease in current / non-current items - - - - - - 9,533 3,109 - -
Adjustment on account of Deletion/Re-classification, etc. 157 254 139 147 52 38 (28) 19 236 63
Total 31,053 26,179 19,426 14,056 20,800 13,493 18,647 10,496 6,558 8,748
APPLICATION OF FUNDS
Capital Expenditure 6,635 9,810 9,633 7,123 9,128 9,946 8,494 5,553 3,544 2,762
Right-of-Use Asset 2,148 7,231 - - - - - - - -
Addition in Net Block of assets due to PCCKL merger - - - 54 - - - - - -
Foreign Exchange loss debited to Foreign Currency - - 96 140 - 106 157 - - -
Monetary Item Translation Difference Account (incl.
amortisation)
Dividend (incl. interim dividend) 4,555 5,315 3,905 3,182 5,640 2,784 1,627 1,229 795 398
Tax on distributed profits - 919 648 420 998 497 294 197 127 57
Repayment of Loans (net) 15,560 - - - - - 7,224 3,517 - -
Investment (net) 1,138 149 770 1,025 1,790 12 851 - 1,192 -
Increase in current / non-current items 1,017 2,755 4,374 2,113 3,244 148 - - 900 5,531
Total 31,053 26,179 19,426 14,056 20,800 13,493 18,647 10,496 6,558 8,748
Note: The figures from 2015-16 onwards are as per Indian Accounting Standards.
178
SALES VOLUME (TMT)
2020-21 2019-20 2018-19 2017-18 2016-17
Sales Market Sales Market Sales Market Sales Market Sales Market
Share Share Share Share Share
(%) (%) (%) (%) (%)
Light Distillates :
Naphtha 947 31.2 885 27.0 428 20.0 348 6.7 177 3.6
LPG (Bulk & Packed) 7,299 26.2 6,870 25.9 6,491 26.0 5,986 26.3 5,449 25.9
Motor Spirit 7,199 28.6 7,808 28.7 7,428 28.6 6,980 28.7 6,412 28.5
Special Boiling Point Spirit/Hexane 52 50.5 41 46.9 41 49.5 36 54.4 30 50.7
Benzene 69 28.2 68 28.8 94 34.9 62 28.6 48 23.5
Toluene 26 100.0 28 100.0 31 100.0 17 100.0 22 100.0
Polypropylene Feedstock/ Propylene 211 66.4 194 63.8 148 58.3 97 39.6 94 35.1
Regasified - LNG 934 7.8 782 6.5 1,292 10.8 1,312 9.5 967 7.1
Others 410 29.8 504 30.9 482 33.0 417 33.4 376 34.8
Sub Total 17,147 17,180 16,435 15,255 13,575
Middle Distillates :
Aviation Turbine Fuel 796 22.5 2,005 26.4 1,990 25.9 1,790 25.6 1,547 25.0
Superior Kerosene Oil 309 14.8 398 15.1 602 16.1 664 16.2 903 16.0
High Speed Diesel 17,481 27.2 19,864 26.9 20,421 27.0 20,094 27.0 19,097 26.7
Light Diesel Oil 143 20.1 139 23.0 128 22.1 112 21.5 106 23.6
Mineral Turpentine Oil 159 45.3 86 45.3 94 50.0 93 54.1 89 60.2
Sub Total 18,888 22,492 23,235 22,753 21,742
Others :
Furnace Oil 554 12.9 626 13.6 690 13.7 695 12.7 783 13.5
Low Sulphur Heavy Stock 15 4.5 11 3.2 6 1.9 20 20.3 51 48.5
Bitumen 819 15.3 741 14.8 903 15.9 790 16.2 636 13.5
Petcoke 647 14.6 1,321 23.4 1,193 20.7 1,046 20.2 422 10.8
Lubricants 373 24.9 306 22.8 238 17.8 320 23.1 293 21.5
Others 295 14.4 427 15.7 367 14.4 331 13.8 182 9.6
Sub Total 2,703 3,432 3,397 3,202 2,367

Grand Total 38,738 24.35 43,104 24.52 43,067 24.50 41,210 23.75 37,684 22.78
Note : Market Share is based on Sales Volumes of Public Sector Oil Companies as per despatches.

PRODUCTION (TMT)
Particulars 2020-21 2019-20 2018-19 2017-18 2016-17
Light Distillates :
Naphtha 2,039 1,854 1,291 1,468 1,405
LPG 1,321 1,529 1,488 1,403 1,099
Motor Spirit 5,055 5,646 5,364 4,850 4,517
Special Boiling Point Sprit/Hexane 45 42 41 37 32
Benzene 67 68 92 73 93
Toluene 25 29 32 17 23
Polypropylene Feedstock/ Propylene 210 198 147 99 94
Ind. Reformate 39 - - - 5
Others 5 6 9 2 5
Sub Total 8,806 9,372 8,464 7,949 7,273
Middle Distillates:
Aviation Turbine Fuel 516 1,520 1,721 1,613 1,479
Superior Kerosene Oil 236 187 342 344 449
High Speed Diesel 12,507 15,403 14,529 13,597 11,932
Light Diesel Oil 174 135 212 106 264
Mineral Turpentine Oil 157 88 93 93 94
Lube Oil Base Stock 312 269 159 262 255
Others - - - 38 11
Sub Total 13,902 17,602 17,056 16,053 14,484
Heavy Ends :
Petcoke 548 921 983 687 -
Furnace Oil 868 1,195 1,393 1,099 1,698
Low Sulphur Heavy Stock 13 7 8 25 39
Sulphur 184 283 273 215 82
Bitumen 776 761 914 807 623
Others 26 99 249 111 7
Sub Total 2,415 3,266 3,820 2,944 2,449
Grand Total 25,123 30,240 29,340 26,946 24,206
Lubricants Production (MT)

2020-21 2019-20 2018-19 2017-18 2016-17
3,63,880 3,22,450 2,47,910 3,27,049 2,93,791
Quantity of LPG Filled in Cylinders (MT)

2020-21 2019-20 2018-19 2017-18 2016-17
69,14,321 65,18,908 60,99,995 56,73,579 51,28,580

HOW VALUE IS GENERATED
` in Crores
Value of Production (Refinery) 74,313 1,17,296
Less : Direct Materials Consumed (68,564) (1,13,652)
Added Value 5,749 3,644
Marketing Operations 27,950 18,978
Value added by Manufacturing & Trading Operations 33,699 22,622
Add : Other Income and prior period items 4,344 3,081

Add : Gain on sale of Investment in Subsidiary 9,422 -
Total Value Generated 47,465 25,703
HOW VALUE IS DISTRIBUTED

` in Crores
OPERATIONS
Operating & Service Costs 12,091 13,372
Impairment of Investment 2,033 -
EMPLOYEES' BENEFITS
Salaries, Wages & Bonus 2,537 2,687
Employee Share Based Expense 941 -
Other Benefits 1,940 5,418 1,004 3,691
PROVIDERS OF CAPITAL
Interest on Borrowings 1,328 2,182
Dividend after netting off Trust shares 4,232 5,560 4,819 7,001
INCOME TAX & DIVIDEND TAX 5,132 506
RE-INVESTMENT IN BUSINESS
Depreciation 3,978 3,787
Deferred Tax (1,556) 401
Retained Profit/(loss)
(including Debenture Redemption Reserves) 14,809 17,231 (3,055) 1,133
Total Value Distributed 47,465 25,703

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, 2021,
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, and other
accounting principles generally accepted in India, of the state of affairs (financial position) of the Corporation as at
March 31, 2021, 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 independence 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 we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Ind
AS Financial Statements.
Emphasis of Matter
4. We draw attention to Note 71 in the the Standalone Ind AS Financial Statements, regarding the impact of Covid 19
pandemic and assessment made by the Management on its business and financial activities. This assessment and the
outcome of the pandemic is as made by the Management and dependent on future circumstances.
Our opinion is not modified in respect of this matter.
Key Audit Matters
5. 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:

Sr.No. Key Audit Matter Auditors’ Response
1. Valuation of Investment in E&P Subsidiary:
The Corporation has an investment of Rs. The following procedures were carried out in this regard:
6,276.37 Crores in 100% subsidiary Bharat
• We evaluated the design and implementation of key
Petro Resources Ltd (BPRL).
controls in relation to the annual impairment testing
This subsidiary alongwith its step down activity carried out by the Corporation for its
subsidiaries, JVs & Associates holds investments in Subsidiaries.
participating interest in various oil/ gas blocks
• We reviewed the audited consolidated Ind AS Financial
for exploration & evaluation, development and
Statements of BPRL for FY 2020-21 and the
production activities (E&P).
independent auditor’s report thereon to ascertain if there
The Corporation’s realisation from these E&P are any signs of permanent dimunition in the
investments is dependent on the continued Corporation’s investments therein.
successful operations/ development of
• We assessed the Management’s explanation regarding
reserves resulting in expected earnings and
key factors which have led to significant dimunition in
revenue growth of the respective companies.
value of BPRL’s assets vis-à-vis the previous year and
The continuing COVID-19 pandemic may have consequent trigger for impairment of the Corporation’s
impact on global economy and consequently investment in the same.
on crude prices. Further, during FY 2020-21,
• We evaluated the impairment analysis carried out by the
BPRL has relinquished or impaired certain oil
Corporation, which included comparison of externally
and gas blocks on account of changes in
assessed value in use of BPRL’s Net Assets with carrying
circumstances and prospects of the blocks.
cost of investment in BPRL in the Corporation’s Books
The above factors have impacted the value in
of Accounts.
use of BPRL’s assets and consequently the
Corporation’s impairment analysis in respect
of its Investment in BPRL.
2. Computation of Expected Credit Loss (ECL):
Trade receivables and loans granted under the Our audit approach consisted testing of the design and
Pradhan Mantri Ujwala Yojana (PMUY) operating effectiveness of the internal controls and
scheme constitute a significant component of substantive testing as follows:
the total current assets of the Corporation. • In respect of loans granted under PMUY, the
At each reporting date, the Corporation Corporation along with other few industry peers have
recognizes Lifetime ECL on Trade Receivables derived a common methodology for calculating ECL,
using a ‘simplified approach’ and 12 month based on the broad category of active and inactive
ECL on loans granted under the PMUY consumers and last refill date with expected loan
scheme, which rely on Management’s recovery period. We checked the working of the same
estimates regarding probability of default rates and it was in line with the common methodology
linked to age-wise bucketing of the document shared with us.
corresponding asset. The COVID 19 pandemic • We have evaluated the methodology for age-wise
may also have an impact on the Management’s bucketing of trade receivables and key assumptions
estimate of probability of default as on March underlying the probability of default estimates on the
31, 2021 . 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.
3. Evaluation of Contingent Liabilities:
The Corporation has material uncertain The following audit procedures were carried out in this
positions including matters under dispute regard:
which involves significant judgment to • We examined sample items above the threshold limit for
determine the possible outcome of these determination of contingent liabilities and obtained
disputes. Contingent liabilities are not details of completed Excise, VAT/ Sales Tax/ Entry Tax
recognized in the Standalone Ind AS Financial assessments, demands as well as other disputed claims
Statements but are disclosed unless the against the Corporation as on March 31, 2021. The
possibility of an outflow of economic Corporation has obtained opinion from tax consultants
resources is considered remote. Contingent in various disputed matters. We have relied upon such
liabilities disclosed are in respect of items opinions and litigation history where the Corporation
which in each case are above the threshold has concluded that possibility of cash outflow is remote
limit. 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 is a Our audit approach involved the following combination of
significant area requiring Management’s test of control design and substantive testing in respect of
judgment of estimates and application of verification and valuation of inventories:
accounting policies that have significant effect
• We evaluated the system of inventory monitoring and
on the amounts recognized in the Standalone
control. It was observed that inventory has been
Ind AS Financial Statements.
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 & Equipment:

Estimates of useful lives and residual value of Our audit approach involved the following combination of
Property, Plant and Equipment is a significant test of control design and substantive testing in respect of
area requiring Management judgment of verification and recording of Property, Plant & Equipment:
estimates and application of accounting • We examined whether the Corporation has maintained
policies that have significant effect on the proper records showing full particulars, including
amounts recognized in the Standalone Ind AS quantitative details and situation of fixed assets.
Financial Statements.
• 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 was 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.
Information Other than the Standalone 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
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.
7. 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.
8. 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.
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 Standalone Ind AS Financial Statements
10. 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, total 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.
11. 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.
12. The Corpoartions’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
13. 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 .
14. 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 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 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.

15. 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 financial statements.
16. 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.
17. 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.
18. 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.
Report on Other Legal and Regulatory Requirements
19. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government in
terms of Section 143(11) of the Act, and on the basis of such checks 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.
20. 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.
21. 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 account 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 account.
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) 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 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.
For CVK & Associates For Borkar & Muzumdar

Chartered Accountants Chartered Accountants
ICAI FRN 101745W ICAI FRN 101569W
Sd/- Sd/-
A K Pradhan Kaushal Muzumdar
Partner Partner
Membership No. 032156 Membership No. 100938
UDIN: 21032156AAAAAS8621 UDIN: 21100938AAAAAW6386
Place: Mumbai
Date: 26th May 2021

ANNEXURE A TO INDEPENDENT AUDITORS’ REPORT
[Referred to in paragraph 19 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, 2021]
(i) (a) The Corporation has maintained proper records showing full particulars, including quantitative details and
situation of fixed assets;
(b) As per information and explanations given to us, physical verification of fixed assets (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 which, in our opinion, is reasonable having
regard to the size of the Corporation and the nature of its assets. 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 immovable properties are held in the name of the Corporation, except in cases
given below:
Particulars Number of Cases Net Block Remarks

(` in Crores)
Freehold Land 20 91.58 Documents of title not available for verification
Freehold Land 11 8.77 Documents of title lying with registration
authorities, as informed
Freehold Land 12 144.53 Mutation Pending, as informed
(ii) 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. No material discrepancies were noticed on physical verification of inventories
carried out at the end of the year;
(iii) As informed, the Corporation has not granted any loans, secured or unsecured to companies, firms, limited liability
partnerships or other parties covered in the register maintained under Section 189 of the Act. Accordingly, paragraphs
3(iii)(a), 3(iii)(b) and 3(iii)(c) of the Order are not applicable;
(iv) In our opinion and according to the information 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 and explanations given to us, the Corporation has not accepted any
deposits from public 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;
(vi) We have broadly reviewed the books of account maintained by the Corporation in respect of products where the
maintenance of cost records has been specified by the Central Government under Section 148(1) of the Act and the
rules framed there under and we are of the opinion that prima-facie, the prescribed books of account and cost records
have been 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 Provident Fund, Employees’ State Insurance, Income-Tax, Sales-Tax, Goods and Service tax (GST),
Customs Duty, Excise Duty, Value Added Tax, Cess and any other material statutory dues applicable to it;

According to the information and explanations given to us, no undisputed amounts payable in respect of
Provident Fund, Employees’ State Insurance, Income-Tax, Sales-Tax, GST, Customs Duty, Excise Duty, Value
Added Tax, Cess and any other material 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 dues outstanding with respect to income-tax,
sales-tax, service tax, duty of customs, duty of excise, value added tax and have not been deposited on
account of any dispute, are as per Statement 1;
(viii) According to the information and explanations given to us, the Corporation has not defaulted in repayment of loans
or borrowing to financial institutions, banks, government or dues to debenture holders;
(ix) The Corporation did not raise any money by way of initial public offer or further public offer (including debt
instruments) during the year. According to the information and explanations given to us, money raised by way of
term loans during the year have been applied for the purpose for which those were raised;
(x) 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 and explanations given to us, no
instances of fraud by the Corporation or on the Corporation by its officers and employees have been noticed or
reported during the year;
(xi) 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 Corporation. Accordingly, paragraph 3(xi) of the Order is not applicable;
(xii) In our opinion and according to the information and explanations given to us, the Corporation is not a Nidhi
Company. Accordingly, paragraph 3(xii) of the Order is not applicable;
(xiii) According to the information 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) According to the information and explanations given to us and based on our examination of the records, the
Corporation has not made any preferential allotment or private placement of shares or fully or partly convertible
debentures during the year. Accordingly, paragraph 3(xiv) of the Order is not applicable;
(xv) According to the information 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) of the Order is not applicable.

Sd/- Sd/-
Partner Partner
Place: Mumbai
Date: 26th May 2021

Statement 1 (Refer Clause vii (b) of Annexure A)
` in Crores
Sr.No Name of the Nature of Dues Forum Where Dispute Amount Period block
Statute is pending to which
it relates ^
1. Central Excise Duty, interest and penalty for Supreme Court 3,006.75 2000-2010
Act, 1944 cases relating to Determination High Court 30.56 1995-2015
of Assessable value, Cenvat Appellate Tribunal* 14,306.04 1990-2021
Credit etc. Appellate Authority** 53.38 1995-2021
Total 17,396.73
2. Customs Act, Duty, interest and penalty for
1962 cases relating to Determination Appellate Tribunal* 4.33 2005-2010
of Valuation etc.
3. Income Tax Tax, interest and penalty
Act, 1961 demands towards various Appellate Authority** 498.93 2005-2021
Income tax disputes
4. Sales Tax/VAT Tax, interest and penalty Supreme Court 23.15 1995-2005
Legislations demand towards Sales High Court 677.11 1980-2021
tax/VAT/GST disputes Appellate Tribunal* 3,871.01 1985-2015
Appellate Authority** 1,465.78 1985-2021
Adjudicating Authority*** 283.68 2000-2015
Total 6,320.73
5. Finance Act, Duty, interest and penalty for Supreme Court 35.44 2005-2015
1994 (Service cases relating to Service tax Appellate Tribunal* 32.66 2005-2020
Tax) disputes Appellate Authority** 2.32 2000-2020
Total 70.42
Grand Total 24,291.14
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.

ANNEXURE B TO INDEPENDENT AUDITORS’ REPORT
[Referred to in paragraph 20 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 2021]
Directions for the year 2020-21

1. Area examined 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.
Observations/ The Corporation has a system in place to process all the accounting transactions through its
Findings 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. Area examined 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.
Observations/ 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 Area examined 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.
Observations/ Based on our examination of relevant records of the Corporation and the information and
Findings explanations 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
Place: Mumbai
Date: 26th May 2021

ANNEXURE C TO INDEPENDENT AUDITORS’ REPORT
[Referred to in paragraph 21(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, 2021]
Report on the Internal Financial Controls 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, 2021 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, 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”) 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:
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, 2021, 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.

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Partner Partner
Place: Mumbai
Date: 26th May 2021

BALANCE SHEET AS AT 31ST MARCH 2021
` in Crores
Particulars Note No. As at 31/03/2021 As at 31/03/2020
I) ASSETS
(1) Non-Current Assets
(a) Property, Plant and Equipment 2 63,526.50 56,687.98
(b) Capital Work-In-Progress 3 7,094.78 9,108.09
(c) Investment Property 4 0.05 0.21
(d) Intangible Assets 5 409.70 262.93
(e) Intangible Assets Under Development 6 357.60 396.62
(f) Investments in Subsidiaries, Joint Ventures and Associates 7 10,466.00 10,561.62
(g) Financial Assets
(i) Investments 8 423.82 287.86
(ii) Loans 9 4,927.57 5,442.94
(iii) Other Financial Assets 10 11.81 8.30
(h) Income Tax Assets (Net) 11 1,158.07 1,381.25
(i) Other Non-Current Assets 12 1,266.29 1,267.95
Total Non-Current Assets 89,642.19 85,405.75
(2) Current Assets
(a) Inventories 13 26,756.75 20,421.06
(b) Financial Assets
(i) Investments 14 6,794.27 5,208.54
(ii) Trade Receivables 15 7,827.47 5,164.34
(iii) Cash and Cash Equivalents 16 6,517.35 98.27
(iv) Bank Balances other than Cash and Cash Equivalents 17 536.14 17.51
(v) Loans 18 137.90 590.58
(vi) Other Financial Assets 19 598.30 6,811.24
(c) Current Tax Assets (Net) 20 534.76 0.17
(d) Other Current Assets 21 1,237.86 1,545.68
50,940.80 39,857.39
Assets Held-For-Sale and Assets Included In Disposal Group Held-For-Sale 22 (a) 21.50 1,205.84
Total Current Assets 50,962.30 41,063.23
TOTAL ASSETS 140,604.49 126,468.98
II) EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital 23 2,092.91 1,966.88
(b) Other Equity 24 52,451.64 31,247.50
Total Equity 54,544.55 33,214.38
Liabilities
(1) Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings 25 17,032.84 20,481.83
(ia) Lease Liabilities 25 a 7,601.97 5,790.87
(ii) Other Financial Liabilities 26 58.00 53.99
(b) Provisions 27 1,600.51 1,574.12
(c) Deferred Tax Liabilities (Net) 28 4,471.55 5,967.29
(d) Other Non-Current Liabilities 29 549.95 381.72
Total Non-Current Liabilities 31,314.82 34,249.82
(2) Current Liabilities
(i) Borrowings 30 4,232.81 17,721.37
(ii) Trade Payables
a) Total Outstanding Dues of Micro Enterprises and Small Enterprises 31 147.62 121.29
b) Total Outstanding Dues of Creditors Other than Micro Enterprises and Small Enterprises 16,097.68 12,388.25
(iii) Other Financial Liabilities 32 24,810.71 22,472.48
(b) Other Current Liabilities 33 6,771.90 3,903.02
(c) Provisions 34 1,858.92 1,831.00
(d) Current Tax Liabilities (Net) 35 825.48 32.80
54,745.12 58,470.21
Liabilities Included In Disposal Group Held-For-Sale 22 (b) - 534.57
Total Current Liabilities 54,745.12 59,004.78
Total Liabilities 86,059.94 93,254.60
TOTAL EQUITY AND LIABILITIES 140,604.49 126,468.98
Significant Accounting Policies 1
Notes Forming part of Financial Statements 44-72
For and on behalf of Board of Directors As per our attached report of even date
For and on behalf of
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K. Padmakar CVK & Associates Borkar & Muzumdar
Chairman and Managing Director Chartered Accountants Chartered Accountants
DIN: 08021800 ICAI FR No. 101745W ICAI FR No. 101569W
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N. Vijayagopal V. Kala A.K. Pradhan Kaushal Muzumdar
Director (Finance) Company Secretary Partner Partner
DIN: 03621835 Membership No. 032156 Membership No. 100938
Place : Mumbai
Date : 26th May 2021

STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH 2021
` in Crores
Particulars Note No. 2020-21 2019-20

Income
I) Revenue from operations 36 3,01,864.98 3,27,580.78
II) Other income 37 4,344.45 3,081.31
III) Total Income (I + II) 3,06,209.43 3,30,662.09
IV) Expenses
Cost of materials consumed 38 71,153.56 1,13,229.30
Purchases of stock-in-trade 39 1,27,800.87 1,43,164.25
Changes in inventories of finished goods, stock-in-trade and work-in-progress 40 (3,633.57) (456.62)
Excise duty expense 69,319.86 43,197.83
Employee benefits expense 41 4,477.17 3,691.45
Finance costs 42 1,328.36 2,181.86
Depreciation and amortization expense 2,4,5 3,978.05 3,786.89
Other expenses 43 15,616.46 18,115.26
Total Expenses (IV) 2,90,040.76 3,26,910.22
V) Profit before Exceptional Item & Tax (III - IV) 16,168.67 3,751.87
VI) Exceptional Items - Expenses / (Income) 69 (6,448.91) 1,080.83
VII) Profit before Tax (V - VI) 22,617.58 2,671.04
VIII) Tax expense 28
1) Current tax 5,134.78 201.00
2) Deferred tax (402.98) 400.68
3) Short / (Excess) provision of earlier years (1,155.89) (613.83)
Total Tax expense (VIII) 3,575.91 (12.15)
IX) Profit for the year (VII - VIII) 19,041.67 2,683.19
X) Other comprehensive income
(i) Items that will not be reclassified to profit or loss
(a) Remeasurements of defined benefit plans (16.12) (284.47)
(b) Equity instruments through Other Comprehensive Income- 135.96 (322.27)
net change in fair value
(ii) Income tax relating to items that will not be reclassified to profit or loss (51.45) 108.75
Other Comprehensive Income (X) 68.39 (497.99)
XI) Total Comprehensive Income for the period (IX+X) 19,110.06 2,185.20
XII) Basic Earnings per Equity share (Face value ` 10) 54 96.44 13.64
XIII) Diluted Earnings per Equity share (Face value ` 10) 54 96.12 13.64
Notes forming part of Financial Statements 44-72
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Place : Mumbai

STATEMENT OF CASH FLOWS
` in Crores
For the Year ended 31/03/2021 31/03/2020
A Net Cash Flow from Operating Activities
Net Profit Before Tax (After Exceptional Items) 22,617.58 2,671.04
Adjustments for :
Depreciation 3,978.05 3,786.89
Finance Costs 1,328.36 2,181.86
Foreign Exchange Fluctuations (129.46) 1,021.17
(Profit) / Loss on Sale of Property, Plant and Equipment 21.29 41.14
(Profit) / Loss on Sale of Investment in Subsidiary (9,422.41) -
(Profit) / Loss on Sale of Current Investments (3.58) (26.31)
Income from Investments (1,211.30) (1,099.08)
Dividend Received (2,068.23) (1,091.81)
Expenditure towards Corporate Social Responsibility 136.25 198.98
Share Options Outstanding Account 940.72 -
Imapirment of Investment in Subsidiary 2,032.79 -
Other Non-Cash items * 1,170.59 791.98
Operating Profit before Working Capital Changes 19,390.65 8,475.86
(Invested in)/Generated from :
Inventories (6,325.74) 45.67
Trade Receivables (2,604.05) 1,357.78
Other Receivables 6,144.77 2,097.16
Current Liabilities and Payables 6,356.62 (4,165.78)
Cash generated from Operations 22,962.25 7,810.69
Direct Taxes Paid (2,719.10) (1,235.50)
Paid for Corporate Social Responsibility (114.72) (309.89)
Net Cash from / (used in) Operating Activities 20,128.43 6,265.30
B Net Cash Flow from Investing Activities
Purchase of Property, Plant and Equipment / Intangible Assets (6,162.09) (9,367.80)
Sale of Property, Plant and Equipment 55.14 27.03
Capital Advance 27.99 70.64
Investment, Loans and Advances to Subsidiaries,
Joint Venture Companies and Associates
GSPL India Gasnet Limited (Equity) (71.50) (52.80)
GSPL India Transco Limited (Equity) (9.90) (12.21)
Numaligarh Refinery Limited (Equity) 9,875.96 -
Tax paid for sale of Investment in Subsidiary (1,932.00) -
Kochi Salem Pipeline Private Limited (Equity) (50.00) (56.25)
IHB Pvt Ltd (Equity) (388.25) (26.25)
Bharat PetroResources Limited (Equity) (1,150.00) -
Haridwar Natural Gas Private Limited (Equity) - (9.70)
Goa Natural Gas Private Limited (Equity) (8.88) (8.00)
Ratnagiri Refinery & Petrochemical Ltd (Equity) - (25.00)
Bharat Gas Resources Limited (Equity) (600.00) (140.00)
Bharat PetroResources Limited - Loan (Net) 860.00 (1,850.00)

STATEMENT OF CASH FLOWS (CONTD.)
` in Crores
Haridwar Natural Gas Private Limited - (Loan) (15.00) -
Capital Contribution in Petroleum India International - 0.10
Purchase of Government Securities - (192.66)
Sale of Oil Bonds - 322.89
Purchase of Treasury Bills (3,746.42) (398.54)
Sale of Treasury Bills 3,250.00 400.00
Purchase of Investments - Mutual Funds (4,581.77) (38,376.00)
Sale of Investments - Mutual Funds 3,574.45 38,404.42
Interest Received 1,075.45 1,026.80
Dividend Received 2,068.23 1,091.81
Net Cash from / (used in) Investing Activities 2,071.41 (9,171.52)
C Net Cash Flow from Financing Activities

Proceeds from Sale of equity shares held by “BPCL Trust for Investment in Shares” 5,519.53 -
Payment of Lease Rentals (Principal Component) (124.24) (102.47)
Payment of Lease Rentals (Interest Component) (534.55) (507.82)
Short Term Borrowings (Net) (13,325.19) 13,906.40
Long Term Borrowings 1,995.20 2,696.28
Repayment of Long Term Borrowings (3,661.13) (5,987.71)
Interest Paid (1,230.59) (1,326.62)
Dividend Paid # (4,261.30) (4,818.86)
Dividend Distribution Tax - (918.98)
Net Cash from / (used in) Financing Activities (15,622.27) 2,940.22
D Net Increase / (Decrease) in Cash and Cash Equivalents (A+B+C) 6,577.57 34.00
Cash and Cash Equivalents as at 31/03/2020 31/03/2019

Cash on hand 6.08 33.26
Cheques and drafts on hand 6.10 24.70
Cash at Bank 86.09 20.53
Less : Bank Overdraft (196.90) (211.12)
(98.63) (132.63)

Cash at Bank 203.76 86.09
Demand deposits with Banks with original maturity of less than three months 6,140.00 -
Investment in Triparty Repo Settlement System 149.93 -
6,478.94 (98.63)
Increase/(Decrease) in Cash and Cash Equivalents 6,577.57 34.00
* Includes FCMITDA Amortisation loss - Nil (Previous period loss ` 80.96 Crores).
# 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.

STATEMENT OF CASH FLOWS (CONTD.)
Disclosure to changes in liabilities arising from Financing Activities

` in Crores
Particulars Short term Long term borrowings Total liabilities
Borrowings (Excluding (including current from financing
Bank Overdraft) maturities) activities
As on 31st March, 2019 3,369.63 25,518.55 28,888.18
Cash flows 13,906.40 (3,291.43) 10,614.97
Non-cash changes
a) Foreign exchange movement 248.44 1,891.71 2,140.15
b) Recognition of deferred income and - 2.49 2.49
its amortisation
c) Increase in Lease Obligations due to - 5,940.06 5,940.06
Ind AS 116
d) Fair value changes - 35.94 35.94
17,524.47 30,097.32 47,621.79
st
As on 31 March, 2020
` in Crores
Borrowings (Excluding (including current from financing
As on 31st March, 2020 17,524.47 30,097.32 47,621.79
Cash flows (13,325.19) (1,665.93) (14,991.12)
Non-cash changes
a) Foreign exchange movement (4.88) (435.90) (440.78)
its amortisation
Ind AS 116
st
As on 31 March, 2021 4,194.40 29,927.52 34,121.92
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” include excess provisions written back, diminution in value of investment, reversal of
excess capitalisation, amortisation of deffered expenditure and capital grant, 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 : Mumbai

202
ST
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2021
` in Crores
As at As at
(a) Equity Share Capital 31/03/2021 31/03/2020
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
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) (20,23,72,422) (202.37)
(Refer Note No. 45)
Less: Adjustment for Shares held by "BPCL ESPS Trust" (Refer Note No. 45) (4,33,79,025) (43.38) - -
Balance at the end of the reporting period after Adjustment 2,09,29,13,412 2,092.91 1,96,6,880,322 1,966.88
` in Crores
Reserves & Surplus Equity BPCL Total
Capital Debenture General Retained Foreign Instruments Trust for

Reserve Redemption Reserve Earnings Currency through Other Investment
[Note 24] Reserve [Note 24] [Note 24]* Monetary Item Comprehensive in Shares
(b) Other Equity [Note 24] Translation Income [Note 24]
Difference [Note 24]
Account
(FCMITDA)
[Note 24]
Balance as at 01st April 2019 (20.76) 1,160.55 29,104.37 4,997.31 (29.34) 15.41 (456.74) 34,770.80
Profit for the year - - - 2,683.19 - - - 2,683.19
Other Comprehensive Income for the year - - - (185.06) - (312.93) - (497.99)
Dividends - - - (5,314.67) - - - (5,314.67)
Income from "BPCL Trust for Investment in - - - 495.81 - - - 495.81
Shares" (Refer Note No. 45)
Dividend Distribution Tax - - - (923.43) - - - (923.43)
Transfer to Debenture Redemption reserve - 293.21 - (293.21) - - - -
Dividend Distribution tax pertaining to previous years - - - 4.45 - - - 4.45
Transfer to General Reserve on redemption of - (377.40) 377.40 - - - - -
debentures/Bonds
Additions/(deletions) during the year - FCMITDA - - - - (51.62) - - (51.62)
Amortisation during the year - FCMITDA - - - - 80.96 - - 80.96
Balance as at 31st March 2020 (20.76) 1,076.36 29,481.77 1,464.39 - (297.52) (456.74) 31,247.50
202
ST
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2021 (CONTD.)
` in Crores
Reserves & Surplus Equity BPCL BPCL Total
Capital Debenture Share General Securities Retained Foreign Instruments Trust for ESPS
Reserve Redemption Options Reserve premium Earnings Currency through Other Investment Trust
[Note 24] Reserve Outstanding [Note 24] [Note 24] [Note 24] * Monetary Item Comprehensive in Shares [Note
Account Translation Income [Note 24] 24]
(b) Other Equity [Note 24]
[Note 24] Difference [Note 24]
Account
(FCMITDA)
[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 - - - - - 270.87 - - - - 270.87
Shares" (Refer Note No. 45)
Income of "BPCL ESPS Trust" (Refer Note No. 45) - - - - - 52.16 - - - - 52.16
Transfer to Debenture Redemption Reserve - 188.48 - - - (188.48) - - - - -
Employee Stock option Granted - - 940.72 - - - - - - - 940.72
(Refer Note No. 55)
Issue of Equity Shares out of shares held in - - - - 5,101.31 - - - 284.45 - 5,385.76
"BPCL Trust for Investment in Shares"
(Refer Note No. 45)
Transfer to General Reserve from - - (84.23) 84.23 - - - - - - -
Share Options Outstanding Account
Transfer of Shares to "BPCL ESPS trust" - - - - - - - 97.90 (97.90) -
(Refer Note No. 45)
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
* The balance includes accumulated Gain/(loss) on account of Remeasurements of defined benefit plans (Net of tax) as on 31st March 2021 ` (510.19) Crores [Previous year ` (442.62) Crores]
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Place : Mumbai

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2021
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 26th May 2021.
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 when 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.
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 over
a useful life of 15 years based on the technical assessment.
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 (Previous Year upto 5% of the original cost of catalyst)
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 earlier 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 v
alue 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.
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 to sell (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 to sell.
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 Company assesses whether:
- the contract involves the use of an identified asset;
- the Company has right to obtain substantially all of the economic benefits from use of the asset through
the period of the lease and;
- the Company 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 Company 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 Company 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.
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.
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.
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 not 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
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
Equity instruments included within the FVTPL category are measured at fair value with all changes
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
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 either 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.
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, 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.
1.30. The Corporation has adopted materiality threshold limits in the preparation and presentation of financials
statements as given below:
Threshold Item Accounting Threshold

Policy Unit Limit Value
Reference
Allocation of other expenses to projects costing in 1.2.3. ` Crores 5
each case
Expenditure on certain items of Property, Plant and 1.2.5. ` 1,000
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 intangible 1.4.5. ` Lakhs 50
assets in each case
Income / expenditure (net) in aggregate pertaining to prior 1.12.1. ` Crores 150
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

NOTE 2 PROPERTY, PLANT AND EQUIPMENT
` in Crores
Gross Block Depreciation Net Carrying Amount
As at Ind Additions Other Reclassifications As at Up to Ind AS 116 For the Reclassifications Up to As at As at
Particulars 01/04/2020 AS 116 Adjustments / Deductions 31/03/2021 31/03/2020 Transition Year / Deductions 31/03/2021 31/03/2021 31/03/2020
Transition On Account Of On Account Of
Retirement / Retirement /
Disposal Disposal
Freehold Land * 2,109.76 - 5.80 - (5.63) 2,121.19 - - - - - 2,121.19 2,109.76
Buildings including 8,689.80 - 1,028.69 - 26.33 9,692.16 1,747.86 - 445.94 8.73 2,185.07 7,507.09 6,941.94
Roads *
Plant and Equipments * 26,705.70 - 3,620.39 (187.44) 127.89 30,010.76 5,736.15 - 1,673.11 70.33 7,338.93 22,671.83 20,969.55
Furniture and Fixtures * 913.08 - 129.63 - 21.40 1,021.31 320.09 - 96.45 17.68 398.86 622.45 592.99
Vehicles * 78.08 - 3.86 - 3.68 78.26 29.06 - 9.08 1.86 36.28 41.98 49.02
Office Equipments * 1,104.24 - 254.16 - 17.98 1,340.42 601.41 - 163.38 14.97 749.82 590.60 502.83
Railway Sidings * 213.66 - 95.68 - 1.04 308.30 68.68 - 16.20 0.13 84.75 223.55 144.98
Tanks and Pipelines * 10,599.30 - 2,757.44 - 12.55 13,344.19 1,477.33 - 446.37 4.78 1,918.92 11,425.27 9,121.97
Dispensing Pumps 3,065.97 - 382.91 - 72.63 3,376.25 821.57 - 192.89 36.36 978.10 2,398.15 2,244.40
LPG Cylinders and 8,684.05 - 693.73 - 0.24 9,377.54 1,523.46 - 498.08 0.08 2,021.46 7,356.08 7,160.59
Allied Equipments
Right-of-Use Assets * 7,227.66 - 2,147.97 - 16.32 9,359.31 377.71 - 416.58 3.29 791.00 8,568.31 6,849.95
(Refer Note No. 49)
Total 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 56,687.98
Previous Year 55,465.24 6,316.38 7,500.41 619.09 509.82 69,391.30 9,206.06 (0.03) 3,771.87 274.58 12,703.32 56,687.98 -
* These include assets which are given on Operating Leases, the details thereof are included in Note No. 49.

NOTE 3 CAPITAL WORK-IN-PROGRESS
` in Crores
Particulars As at As at
31/03/2021 31/03/2020
Capital work-in-progress
Property, Plant & Equipment under erection/ construction 5,976.71 7,951.72
Capital stores including those lying with contractors 639.87 908.36
Capital goods-in-transit 0.33 2.27
Allocation of Construction period expenses 2020-21 2019-20
Opening balance 530.89 323.60

Add: Expenditure during the year -
Establishment charges including Employee 157.74 138.97
Benefit expenses
Borrowing costs 252.98 183.42
Loss on foreign currency transactions and translations - 0.07
Others 5.28 9.92
946.89 655.98
Less: Allocated to assets capitalized /charged off (469.02) (125.09)

during the year
Closing balance pending allocation 477.87 530.89
Less: Assets included in disposal group held-for-

sale [Refer Note No. 22(a) and 68(II)] - (285.15)
Total 7,094.78 9,108.09

NOTE 4 INVESTMENT PROPERTY
` in Crores
As at Additions Reclassifications As at Up to For the Reclassifications Up to As at As at
Particulars 01/04/2020 / Deductions 31/03/2021 31/03/2020 year / Deductions 31/03/2021 31/03/2021 31/03/2020
On Account Of On Account Of
Disposal Disposal
Buildings 0.33 - 0.16 0.17 0.12 0.02 0.02 0.12 0.05 0.21
Total 0.33 - 0.16 0.17 0.12 0.02 0.02 0.12 0.05 0.21
Previous Year 0.33 - - 0.33 0.09 0.03 - 0.12 0.21 -
The Corporation's investment properties consists of office buildings rented out to third parties.
Information Regarding Income and Expenditure of Investment Property

` in Crores
Rental Income derived from Investment Properties 0.97 1.27
Less - Depreciation (0.02) (0.03)
Profit arising from Investment Properties before other direct operating expenses 0.95 1.24
The other direct operating expenses on the investment properties are not separately identifiable and the same are not likely to be material.
As at 31st March 2021 and 31st March 2020, the fair values of the properties are ` 1.02 Crores and ` 4.32 Crores respectively. These fair values of the investment
properties are categorised as Level 2 in the fair valuation hierarchy and has been determined by external, independent property valuers, having appropriate
recognised professional qualifications and recent experience in the location and category of the property being valued.

222
NOTE 5 INTANGIBLE ASSETS
` in Crores
Particulars Useful Life Gross Block Amortization Net Carrying Amount
(No. of As at Additions Other Reclassifications/ As at Up to For the Reclassifications/ Up to As at As at
Years) 01/04/2020 Adjustments Deletions 31/03/2021 31/03/2020 year Deletions 31/03/2021 31/03/2021 31/03/2020
Right of Way Indefinite 105.62 - - - 105.62 - - - - 105.62 105.62

Right of Way Upto 30 36.98 - - - 36.98 9.43 2.67 - 12.10 24.88 27.55
Right to use Upto 30 26.06 - - - 26.06 2.97 2.33 - 5.30 20.76 23.09
Service Concession 20 63.18 - - - 63.18 16.13 3.70 - 19.83 43.35 47.05
Arrangements
(Refer Note No. 48)
Software/Licenses Upto 5 60.77 19.70 - - 80.47 39.09 11.85 - 50.94 29.53 21.68
268.69 83.13 185.56

Process Licenses Upto 5 101.20 167.49 - - 63.26 19.87 - 37.94
Total 393.81 187.19 - - 581.00 130.88 40.42 - 171.30 409.70 262.93
Previous Year 326.80 67.84 - 0.83 393.81 98.10 33.17 0.39 130.88 262.93 -
NOTE 6 INTANGIBLE ASSETS UNDER DEVELOPMENT

` in Crores
Gross Amount
As at Additions Capitalizations As at
Particulars 01/04/2020 as Intangible 31/03/2021
Asset/
Deletions
Process Licenses 396.62 - 75.28 321.34
Software / License - 13.74 - 13.74
Right of Way - 22.52 - 22.52
Total 396.62 36.26 75.28 357.60
Previous Year 363.10 33.53 0.01 396.62
There are no internally generated intangible assets.
222
ADDITIONAL INFORMATION IN RESPECT OF NOTE 2 TO 6 :
a) Land:
i) Freehold land includes ` 242.68 Crores (Previous year ` 429.20 Crores) capitalized at various locations for which
conveyance deeds are yet to be executed and/or mutation is pending.
ii) 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.
b) Buildings include Ownership flats having gross block of ` 43.94 Crores (Previous year ` 42.68 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 de-capitalization of foreign
exchange differences (net) of ` 187.44 Crores (Previous year ` 619.09 Crores capitalization).
d) Additions include capitalization of borrowing costs of ` 300.06 Crores (Previous year ` 32.34 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 ` 909.65 Crores (Previous year ` 580.31 Crores),
Cumulative Depreciation ` 87.29 Crores (Previous year ` 57.44 Crores), Net Block ` 822.36 Crores (Previous year
` 522.87 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 ` 24.78 Crores (Previous year ` 22.54 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 ` 1.82 Crores (Previous year ` 1.92 Crores).
g) Charge has been created over the Property, Plant & Equipment of the Corporation, mainly Plant and Machinery at
Mumbai Refinery and Kochi Refinery in regard to the borrowings (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 ` 35.35 Crores (Previous year ` 8.40 Crores).
i) Gross Block Reclassifications / Deductions on account of Retirement / Disposal includes:
i) On account of retirement / disposal during the year ` 217.29 Crores (Previous year ` 255.15 Crores)
ii) Assets classified as held for sale ` 58.98 Crores (Previous year ` 134.69 Crores)
iii) Decapitalization of ` 52.13 Crores (Previous year ` 56.57 Crores)
iv) Additions on account of reclassifications during the year ` 33.81 Crores (Previous year deduction ` 64.24
Crores)
j) Depreciation and amortization for the year is ` 3,998.52 Crores (Previous year ` 3,805.07 Crores) from which, after
reducing -
i) Depreciation on decapitalization of ` 19.08 Crores (Previous year ` 14.57 Crores)
ii) Depreciation on reclassification of assets of ` 1.39 Crores (Previous year ` 3.61 Crores) and Net Depreciation
and amortization for the year charged to Profit and Loss statement is ` 3,978.05 Crores (Previous year
` 3,786.89 Crores)

k) Deduction from accumulated depreciation on account of retirement / disposal / reclassifications during the year is
` 158.23 Crores (Previous year ` 274.97 Crores)
l) The Corporation has assessed the useful life of Right of way as indefinite where the same is perpetual in nature.
m) During the year 2020-21, the Board of Directors have decided to merge Bharat Gas Resources Limited (BGRL) with the
Corporation and not to pursue its earlier decision of transfer of assets and liabilities of Gas business to BGRL.
Accordingly, Net Carrying amount of Property, Plant & Equipment of Gas business will no longer be considered as
“Assets included in disposal group held-for-sale” as on 31st March 2021 (Previous year ` 32.61 Crores). Hence, the
corresponding asset block values have been included under “Reclassifications / Deductions on account of Retirement
/ Disposal”. [Refer Note No. 22(a) and 68(II)].
n) The Residual value of Catalysts with precious metal content have been revised to the aggregate of estimated cost of the
precious metal content which is expected to be extracted at end of their useful life and 5% of original cost of catalyst
excluding cost of precious metals (Previous Year: up to 5% of the original cost of catalyst) based on the experience
and internal technical assessment. The impact of change in residual value has resulted in decrease in depreciation of
` 66.15 Crores for FY 2020-21.

NOTE 7 INVESTMENT IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES
No. of units ` in Crores

Particulars As at As at As at As at
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Investment in Subsidiaries
Unquoted
Equity shares of [` 10 each (Fully Paid up)]
Numaligarh Refinery Limited # - 45,35,45,998 - 453.55
Bharat PetroResources Limited ## 6,15,00,00,000 5,00,00,00,000 6,276.37 5,494.41
Bharat Gas Resources Limited (BGRL) 90,86,20,000 30,86,20,000 908.62 308.62
Investment in Joint Ventures
Unquoted
Equity Shares of [` 10 each (Fully Paid up)]
Bharat Oman Refineries Limited (BORL) 1,53,82,16,114 1,53,82,16,114 1,538.61 1,538.61
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 -
Sabarmati Gas Limited * 99,87,400 99,87,400 122.40 -
Central UP Gas Limited * 1,49,99,600 1,49,99,600 15.00 -
Bharat Stars Services Pvt. Ltd 1,00,00,000 1,00,00,000 10.00 10.00
Bharat Renewable Energy Ltd 33,60,000 33,60,000 3.36 3.36
Mumbai Aviation Fuel Farm Facility Pvt Ltd 4,82,88,750 4,82,88,750 48.29 48.29
Kochi Salem Pipeline Private Limited 20,25,00,000 15,25,00,000 202.50 152.50
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 -
Goa Natural Gas Private Limited * 2,63,80,000 1,75,00,000 26.38 -
Ratnagiri Refinery & Petrochemical Ltd 5,00,00,000 5,00,00,000 50.00 50.00
IHB Pvt Ltd. 41,45,00,000 2,62,50,000 414.50 26.25
Equity Shares of [USD 1 each (Fully Paid up)]
Matrix Bharat Pte. Ltd. ### 2,50,000 20,00,000 1.05 8.41
Share warrant of BORL
- of ` 10 each (Fully Paid up) 48,68,86,664 48,68,86,664 486.89 486.89
- of ` 15 each (Fully Paid up) 29,91,94,364 29,91,94,364 448.79 448.79
0% Compulsorily Convertible Debenture of 1,00,00,00,000 1,00,00,00,000 1,000.00 1,000.00

` 10 each (Fully Paid up) of BORL
Investment in Associates
Quoted
Equity Shares
Petronet LNG Limited [`10 each (Fully Paid up)] * 18,75,00,000 18,75,00,000 98.75 -
Indraprastha Gas Limited [`2 each (Fully Paid up)] * 15,75,00,400 15,75,00,400 31.50 -

NOTE 7 INVESTMENT IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (CONTD.)

31/03/2021 31/03/2020 31/03/2021 31/03/2020
Unquoted
Equity Shares of [` 10 each (Fully Paid up)]
GSPL India Gasnet Ltd.* 17,51,22,128 10,36,22,128 175.12 -
GSPL India Transco Ltd.* 6,40,20,000 5,41,20,000 64.02 -
Petronet CI Limited 15,84,000 15,84,000 1.58 1.58
Fino PayTech Ltd 2,84,35,423 2,84,35,423 251.00 251.00
Equity Shares of [` 0.10 each (Fully Paid up)]
Petronet India Limited 1,60,00,000 1,60,00,000 0.16 0.16
Equity Shares of (` 100 each (Fully Paid up))

Kannur International Airport Limited 2,16,80,000 2,16,80,000 216.80 216.80
Impairment in the value of investments
Bharat PetroResources Limited (Refer Note No. 56) (2,032.79) -
Bharat Renewable Energy Ltd (3.36) (3.36)
Petronet CI Limited (1.58) (1.58)
Total 10,466.00 10,561.62
Aggregate amount of Unquoted Securities 10,335.75 10,561.62
Aggregate amount of Quoted Securities 130.25 -
Market value of Quoted Securities 12,262.00 -
Aggregate amount of Impairment in the 2,037.73 4.94
value of investments
# Pursuant to the Share Holders approval through a Special Resolution passed in the Extraordinary General Meeting dated
25th March 2021, Equity Shares held by Corporation in Numaligarh Refinery Limited were sold at a consideration of
` 9,875.96 Crores on 26th March 2021. [Refer Note No. 68(I)]
## Includes Equity component of ` 126.37 Crores (Previous year ` 494.40 Crores) recognised on Fair Valuation of
concessional rate loan given to Subsidiary.This concessional rate loan, which was originally given on 28th March 2014 and
31st March 2015 for a period up to 15 years from the draw down date, was prepaid by BPRL on 28th Dec 2020.
### During the Year 2020-21, Pursuant to the Capital Reduction carried out by Matrix Bharat PTE Ltd. the No. of shares
have reduced from 20,00,000 Equity Shares to 2,50,000 Equity Shares.
* During the year 2020-21, Board has decided to merge BGRL with Corporation and not to pursue its earlier decision of
transfer of assets and liabilities of Corporation's Gas business to BGRL. Accordingly, the investments in Maharashtra
Natural Gas Ltd., Sabarmati Gas Ltd., Central UP Gas Ltd., Haridwar Natural Gas Pvt. Ltd., Goa Natural Gas Pvt. Ltd.,
Petronet LNG Ltd., Indraprastha Gas Ltd., GSPL India Gasnet Ltd. and GSPL India Transco Ltd. will no longer be
considered as "Assets included in disposal group held-for-sale" as on 31st March 2021 (Previous Year : ` 487.59 Crores).
[Refer Note No. 22(a) and 68(II)]

NOTE 8 INVESTMENTS

31/03/2021 31/03/2020 31/03/2021 31/03/2020
Investment in Equity Instruments Designated at
Fair Value Through Other Comprehensive Income
Equity Shares of (` 10 each (Fully Paid up))
Quoted
Oil India Limited * 2,67,50,550 2,67,50,550 328.10 221.23
Unquoted
Cochin International Airport Limited * 1,31,25,000 1,31,25,000 95.71 66.62
Investment in Debentures at Amortised cost

Unquoted
5% Debentures (Fully Paid up) of 1 1 0.01 0.01
East India Clinic Limited
Investment in Equity Instruments Designated at
Fair Value Through Profit or Loss
Unquoted
Equity Shares of Kochi Refineries Employees
Consumer Co-operative Society Limited
(Fully Paid up) 500 500 # #
# Value ` 5,000
Ordinary Shares (Fully Paid up) of Sindhu 6 6 ## ##
Resettlement Corporation Limited
## Value ` 19,000
Total 423.82 287.86

Aggregate amount of Unquoted Securities 95.72 66.63
Aggregate amount of Quoted Securities 328.10 221.23
Market value of Quoted Securities 328.10 221.23
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.

NOTE 9 LOANS
(Unsecured, considered good unless otherwise stated)
` in Crores
31/03/2021 31/03/2020
Security Deposits
Considered Good # 128.67 111.38
Credit Impaired 1.92 0.98
Less : Loss Allowance (1.92) (0.98)
Loans to Subsidiaries
Bharat PetroResources Limited 2,090.00 2,562.40
Loans to Joint Ventures
Bharat Oman Refineries Limited 1,254.10 1,254.10
Haridwar Natural Gas Private Limited 15.00 -
Loans to Employees (including accrued interest) 406.29 421.04
(secured) (Refer Note No. 52)
Loans to Others
Considered Good * 1,067.00 1,094.02
Significant increase in credit risk 35.37 -
Less: Loss Allowance (82.95) (1.90)
Total 4,927.57 5,442.94
# During the year 2020-21, Board has decided to merge BGRL with Corporation and not to pursue its earlier decision of
transfer of assets and liabilities of Corporation's Gas business to BGRL. Accordingly Security Deposits of Gas business will
no longer be considered as "Assets included in disposal group held-for-sale" as on 31st March 2021(Previous Year
` 0.35 Crores). [Refer Note No. 22(a) and 68(II)]
* The balance as at 31st March 2021 includes ` 988.31 Crores (Previous Year : ` 1,022.27 Crores) pertaining to Loans
given to Consumers under Pradhan Mantri Ujjwala Yojana scheme.

NOTE 10 OTHER FINANCIAL ASSETS
` in Crores
31/03/2021 31/03/2020
Claims
Considered Good 7.94 4.43
Considered Doubtful 19.14 22.38
Less : Allowance For Doubtful (19.14) (22.38)
Bank Deposits with More than twelve Months Maturity

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

Bharat Renewable Energy Limited 0.54 0.54
Total 11.81 8.30
* Includes Deposits of ` 3.87 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
31/03/2021 31/03/2020
Advance Payment of Income Tax ( Net of provision ) 1,158.07 1,381.25
Total 1,158.07 1,381.25

NOTE 12 OTHER NON-CURRENT ASSETS
` in Crores
31/03/2021 31/03/2020
Capital Advances * 125.19 153.18
Advance to Associates
Petronet LNG Limited * 106.65 -
Advance to Employee Benefit Trusts (Refer Note No. 50) 135.50 190.36
Prepaid Expenses 337.67 357.53
Claims and Deposits
Total 1,266.29 1,267.95
transfer of assets and liabilities of Corporation's Gas business to BGRL. Accordingly Capital Advances (Previous Year
` 9.66 Crores) and "Advance to Associate (Petronet LNG Limited)" of Gas Business (Previous Year ` 124.90 Crores) will no
longer be considered as “Assets included in disposal group held-for-sale” as on 31st March 2021. [Refer Note No. 22(a) and 68(II)]
NOTE 13 INVENTORIES
(Refer Note No. 1.10) ` in Crores
31/03/2021 31/03/2020
Raw Materials 5,664.78 3,137.95
[Including In transit ` 2,470.69 Crores (Previous Year ` 1,206.52 Crores)]
Work-In-Progress 1,573.68 725.32
Finished Goods * 11,624.90 10,180.27
Stock -In-Trade * 6,932.01 5,513.20
[Including In Transit ` 1,124.16 Crores (Previous Year ` 1,107.52 Crores )]
Stores and Spares 934.83 843.99
[Including In Transit ` 9.28 Crores (Previous Year ` 8.38 Crores)]
Packaging Material 26.55 20.33
Total 26,756.75 20,421.06
The Write-Down of Inventories to Net Realisable Value during the year amounted to ` 87.51 Crores (Previous Year :
` 1,080.83 Crores). The Reversal of Write Downs during the year amounted to ` 19.23 Crores (Previous Year : ` 0.36 Lacs)
due to Increase in Net Realisable Value of the Inventories. The Write Downs and Reversal have been Included under ‘Cost of
Materials Consumed' or ‘Changes in Inventories of Finished Goods, Stock-in-trade and Work-in-progress' in the
* During the Year 2020-21, Board has decided to merge BGRL with Corporation and not to pursue its earlier decision of
transfer of assets and liabilities of Corporation's Gas Business to BGRL. Accordingly Stock- In - Trade and Finished Goods
of Gas business will no longer be considered as “Assets included in disposal group held-for-sale” as on 31st March 2021.
(Previous Year ` 78.22 Crores and ` 0.01 Crores respectively). [Refer Note No. 22(a) and 68(II)] .
Inventories Pledged as Collateral - Refer Note No. 30

NOTE 14 INVESTMENTS
` in Crores
31/03/2021 31/03/2020
Investments at Fair Value Through Profit and Loss
Quoted
Investments in Government Securities of Face Value ` 100 each (fully paid up)
6.90% Oil Marketing Companies GOI Special Bonds 2026 # 1,721.82 1,696.86
7.95% Oil Marketing Companies GOI Special Bonds 2025 11.59 11.51
6.35% Oil Marketing Companies GOI Special Bonds 2024 2,174.59 2,133.15
7.59% Government Stock 2026 # 401.11 398.54
5,282.71 5,208.54
Investments in Mutual Funds
Mutual Funds 1,011.87 -
Investments at Amortised Cost
Quoted
Investments in Treasury Bills
Treasury Bills # 499.69 -
Total 6,794.27 5,208.54
# These Securities of Face Value ` 870.00 Crores (Previous Year ` 1,220.00 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 6,794.27 5,208.54
Market value of Quoted Securities 6,794.24 5,208.54
Aggregate amount of Impairment in the Value of Investments - -
NOTE 15 TRADE RECEIVABLES

(Unsecured unless otherwise stated)
` in Crores
31/03/2021 31/03/2020
Considered good * # 8,114.33 5,357.24
Total 7,827.47 5,164.34
* Includes Debts secured by Bank guarantee/Letter of Credit/Deposit ` 735.90 Crores (Previous year ` 513.36 Crores).
transfer of assets and liabilities of Corporation's Gas business to BGRL. Accordingly Trade Receivables of Gas Business
will no longer be considered as "Assets included in disposal group held-for-sale" as on 31st March 2021. (Previous Year as
on 31st March 2020 is ` 148.70 Crores). [Refer Note No. 22(a) and 68(II)] .
Trade receivables pledged as collateral (Refer Note No. 30).

NOTE 16 CASH AND CASH EQUIVALENTS
` in Crores
31/03/2021 31/03/2020
Balances with Banks:
On Current Account 203.76 86.09
Deposits with Banks with original maturity of less than three months 6,140.00 -
Investment in Triparty Repo Settlement System (TREPS) 149.93 -
Total 6,517.35 98.27
NOTE 17 BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS

` in Crores
31/03/2021 31/03/2020
Balances with Banks
Deposits with Banks with original maturity of 3 - 12 months # 0.56 0.53
Earmarked Balances
Unclaimed/Unpaid Dividend * @ 535.58 16.98
Total 536.14 17.51
# Includes Deposits of ` 0.56 Crores (Previous Year ` 0.53 Crores) that has been pledged/deposited with Local
Authorities/Court.
* Includes Unpaid Dividend amount of ` 510.03 Crores pertaining to Second Interim Dividend Declared for FY 2020-21 on
16th March 2021.
@ Includes Unclaimed Dividend of ` 25.55 Crores (Previous Year ` 16.98 Crores).
NOTE 18 LOANS
(Unsecured, considered good unless otherwise stated) ` in Crores
31/03/2021 31/03/2020
Loans to employees [(including accrued interest) (Secured) (Refer Note No. 52)] 56.43 75.92
Loans to Others *
Significant Increase In Credit Risk 1.90 65.52
Total 137.90 590.58
* Includes ` 67.48 Crores (Previous Year ` 588.81 Crores) pertaining to Loans given to Consumers under Pradhan Mantri
Ujjwala Yojana scheme.

NOTE 19 OTHER FINANCIAL ASSETS
` in Crores
31/03/2021 31/03/2020
Interest Accrued on Bank Deposits, etc.
Interest Accrued on Loans to Related Parties 26.10 108.39
Derivative Asset 5.30 15.83
Receivable From Central Government/State Government
Considered Good 10.15 6,020.85
Dues From Related Parties
Dues From Subsidiaries 9.10 23.98
Dues From Joint Venture Companies 21.58 22.36
Advances and Recoverables
Total 598.30 6,811.24
NOTE 20 CURRENT TAX ASSETS (NET)

` in Crores
31/03/2021 31/03/2020
Advance Income Tax (Net of provision for taxation) 534.76 0.17
Total 534.76 0.17
NOTE 21 OTHER CURRENT ASSETS

` in Crores
31/03/2021 31/03/2020
Advances Other Than Capital Advances
Other Advances Including Prepaid Expenses *
Claims 15.82 314.05
Recoverables on account of GST, Customs, Excise, etc. 879.90 766.85
Total 1,237.86 1,545.68
transfer of assets and liabilities of Corporation's Gas business to BGRL. Accordingly Other Advances including
Prepaid expenses of Gas Business will no longer be considered as "Assets included in disposal group held-for-sale" as on
31st March 2021. (Previous Year as on 31st March 2020 is ` 18.30 Crores).[Refer Note No. 22(a) and 68(II)]

NOTE 22 (a) ASSETS HELD-FOR-SALE AND ASSETS INCLUDED IN DISPOSAL
GROUP HELD-FOR-SALE
` in Crores
31/03/2021 31/03/2020
Assets Held-for-Sale * 21.50 20.35
Assets Included in Disposal Group Held-for-Sale # - 1,185.49
Total 21.50 1,205.84
* Non-Current Assets held-for-sale consists 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 ` 32.41 Crores during the year ( Previous Year: ` 53.26 Crores) has been recognised in the
transfer of assets and liabilities of Corporation's Gas business to BGRL. Accordingly assets of Gas Business will no longer
be considered as "Assets included in disposal group held-for-sale" as on 31st March 2021. (Previous Year ` 1,185.49
Crores). [Refer Note No. 68(II)]
NOTE 22 (b) LIABILITIES INCLUDED IN DISPOSAL GROUP HELD-FOR-SALE
Ìn Crores
31/03/2021 31/03/2020
Liabilities Included in Disposal Group Held-For-Sale * - 534.57
Total - 534.57
transfer of assets and liabilities of Corporation's Gas business to BGRL. Accordingly Liabilities of Gas Business will no
longer be considered as "Liabilities included in disposal group held-for-sale" as on 31st March 2021. (Previous Year
` 534.57 Crores). [Refer Note No. 68(II)]

NOTE 23 EQUITY SHARE CAPITAL
` in Crores
31/03/2021 31/03/2020
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 (32.96) (202.37)
3,29,60,307 (Previous Year 20,23,72,422)]. (Refer Note No. 45)
Less - “BPCL ESPS Trust” [No. of Equity Shares 4,33,79,025 (43.38) -
(Previous Year Nil)]. (Refer Note No. 45)
Total 2,092.91 1,966.88
iii The Corporation has only one class of Shares namely Equity Shares having a 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.
During the Financial year 2016-17, the Corporation has issued Bonus Shares in the ratio of 1:1 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
31/03/2021 31/03/2020
A. Opening Balance 2,16,92,52,744 2,16,92,52,744
B. Shares Issued
- Bonus Shares - -
C. Shares Bought Back - -
D. Closing Balance 2,16,92,52,744 2,16,92,52,744
vi Details of shareholders holding more than 5% shares

Particulars As at 31/03/2021 As at 31/03/2020
Name of shareholder % Holding No. of shares % Holding No. of shares
Government of India 52.98 1,14,91,83,592 52.98 1,14,91,83,592
Life Insurance Corporation of India 5.66 12,27,25,718 5.58 12,10,58,023
BPCL Trust for Investment in Shares 1.52 3,29,60,307 9.33 20,23,72,422
(Refer Note No. 45)

NOTE 24 OTHER EQUITY
` in Crores
31/03/2021 31/03/2020
Capital Reserve (20.76) (20.76)
Debenture Redemption Reserve 1,264.84 1,076.36
Share Options Outstanding Account (Refer Note No.55) 856.49 -
General Reserve 29,566.00 29,481.77
Equity Instruments through Other Comprehensive Income (161.56) (297.52)
Securities Premium (Refer Note No.45) 5,101.31 -
Retained Earnings 16,017.61 1,464.39
BPCL Trust for Investment in Shares (Refer Note No.45) (74.39) (456.74)
BPCL ESPS Trust (Refer Note No.45) (97.90) -
Total 52,451.64 31,247.50
31/03/2021 31/03/2020
Capital Reserve :
Opening balance (20.76) (20.76)
Add/(Less) : Additions/(Deletions) during the year - -
Closing balance (20.76) (20.76)
Debenture Redemption Reserve :
Opening balance 1,076.36 1,160.55
Add : Transfer from Retained Earnings 188.48 293.21
Less : Transfer to General Reserve - (377.40)
Closing balance 1,264.84 1,076.36
Share Options Outstanding Account : (Refer Note No.55)
Opening balance - -
Additions during the year 940.72 -
Less : Transfer to General Reserve (84.23) -
Closing balance 856.49 -
General Reserve :
Add : Transfer from Debenture Redemption Reserve - 377.40
Add : Transfer from Share Options Outstanding Account 84.23 -
Foreign Currency Monetary Item Translation Difference Account :
Opening balance - (29.34)
Additions / (Deletions) during the year - (51.62)
Additions / (Deletions) on account of Amortization during the year - 80.96
Closing balance - -

NOTE 24 OTHER EQUITY (CONTD.)
` in Crores
31/03/2021 31/03/2020
Equity Instruments through Other Comprehensive Income :
Opening balance (297.52) 15.41
Additions / (Deletions) during the year 135.96 (312.93)
Securities Premium : (Refer Note 45)
Opening balance - -
Addition : Sale of Equity Shares held by “BPCL Trust for Investment in Shares” 5,101.31 -
Closing Balance 5,101.31 -
BPCL Trust for Investment in Shares : (Refer Note 45)
Additions : Transfer of Shares to "BPCL ESPS Trust" 97.90 -
Additions : Sale of Equity Shares 284.45 -
BPCL ESPS Trust : (Refer Note 45)
Opening balance - -
Deletions : Transfer of Shares from "BPCL Trust for Investment in Shares" (97.90) -
Closing balance (97.90) -
Retained Earnings :
Add : Profit/(Loss) for the year as per Statement of Profit and Loss 19,041.67 2,683.19
Less : Remeasurements of Defined Benefit plans (net of tax) (67.57) (185.06)
Less : Transfer to Debenture Redemption Reserve (188.48) (293.21)
Less : Interim Dividends for the year: ` 21 per share
(Previous year : ` 16.50 per share) (4,555.43) (3,579.27)
Less : Dividend Distribution Tax on Interim Dividends for the year - (595.89)
Less : Final Dividend for FY 2019-20 ` Nil per share
(Previous year: ` 8 per share for FY 2018-19) - (1,735.40)
Less : Dividend Distribution Tax on Final Dividend for previous year - (327.54)
Add : Dividend Distribution tax pertaining to previous years - 4.45
Add : Income from "BPCL Trust for Investment in Shares" (Refer Note 45) 270.87 495.81
Add : Income of "BPCL ESPS Trust" (Net of Tax) (Refer Note 45) 52.16 -
Closing balance * 16,017.61 1,464.39
Total 52,451.64 31,247.50
* The balance includes accumulated (loss)/gain on account of Remeasurements of Defined Benefit plans (Net of tax) as on
31st March 2021 ` (510.19) Crores [Previous Year ` (442.62) Crores].

NOTE 24 OTHER EQUITY (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 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.
Proposed Dividends on Equity Shares not recognised: ` in Crores

2020-21 2019-20
Final Dividend for the year ` 58 per share (Previous year : ` Nil per share) 12,581.67 -
Total 12,581.67 -

NOTE 25 BORROWINGS
` in Crores
As at 31/03/2021 As at 31/03/2020
Particulars Current # Non-Current Current # Non-Current
Secured
From Others
Debentures
7.35% Secured Non-Convertible Debentures 2022 * 549.96 - - 549.92
Term Loan
Loan from Oil Industry Development Board ** 793.70 - 397.56 789.75
Unsecured
From Banks
Foreign Currency Loans - Syndicated - 5,491.21 3,241.29 5,622.90
Term Loan 33.35 433.30 33.35 466.65
From Others
Debentures
7.69% Unsecured Non-Convertible Debentures 2023 - 749.87 - 749.80
6.11% Unsecured Non-Convertible Debentures 2025 - 1,994.98 - -
Bonds
4% US Dollar International Bonds 2025 - 3,658.85 - 3,748.49
4.625% US Dollar International Bonds 2022 - 3,670.34 - 3,760.46
4.375% US Dollar International Bond 2022 3,672.31 - - 3,762.34
Term Loan
Interest Free Loan from Govt. of Kerala - 34.48 - 31.76
Total 5,049.32 17,032.84 3,672.20 20,481.83
# Classified under Other Financial Liabilities (Refer Note 32)
Terms of Repayment Schedule of Long-term borrowings (Gross Amount) as on 31/03/2021 :
Non-Current Coupon Rate of ` in Crores Maturity

Interest
Interest Free Loan from Govt. of Kerala - 100.00 30-Mar-34
6.11% Unsecured Non-Convertible Debentures 2025 6.11% 1,995.20 6-Jul-25
4% US Dollar International Bonds 2025 4.00% 3,675.24 8-May-25
Term Loan MCLR Based 366.60 15-Mar-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 3,307.71 11-Jan-24
Foreign Currency Loans - Syndicated ECB USD 300 Million Libor Based 2,205.14 5-Dec-23
Term Loan MCLR Based 33.35 15-Apr-23
7.69% Unsecured Non-Convertible Debentures 2023 7.69% 750.00 16-Jan-23
4.625% US Dollar International Bonds 2022 4.625% 3,675.24 25-Oct-22

Current Coupon Rate of ` in Crores Maturity
Interest
7.35% Secured Non-Convertible Debentures 2022 7.35% 550.00 10-Mar-22
4.375% US Dollar International Bond 2022 4.375% 3,675.24 24-Jan-22
Loan from Oil Industry Development Board - Secured 7.00% - 7.68% 793.70 5-Apr-21
* The Corporation had allotted non-convertible 7.35% Debentures of face value of ` 550 crores on 10th March 2017
redeemable 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 are secured by first legal mortgage over the Plant and Machinery of the Corporation, mainly Plant and
Machinery at Mumbai Refinery and Kochi Refinery.
NOTE 25a LEASE LIABILITIES

` in Crores
As at 31/03/2021 As at 31/03/2020
Particulars Current # Non-Current Current # Non-Current
Lease Liabilities ## 243.39 7,601.97 152.42 5,790.87
Total 243.39 7,601.97 152.42 5,790.87
# Classified under Other Financial Liabilities (Refer Note No. 32)

## During the year 2020-21, Board has decided to merge BGRL with Corporation and not to pursue its earlier decision of
transfer of assets and liabilities of Corporation's Gas business to BGRL. Accordingly Lease Obigations of Gas Business will
no longer be considered as "Liabilities included in disposal group held-for-sale" as on 31st March 2021.(Previous Year
` 3.23 Crores ). [Refer Note No. 22(b) and 68(II)]
NOTE 26 OTHER FINANCIAL LIABILITIES

` in Crores
31/03/2021 31/03/2020
Security/Earnest Money Deposits 7.10 4.71
Retiral Dues 50.90 49.28
Total 58.00 53.99
NOTE 27 PROVISIONS
` in Crores
31/03/2021 31/03/2020
Provision for employee benefits (Refer Note No. 50) 1,600.51 1,574.12
Total 1,600.51 1,574.12

NOTE 28 TAX EXPENSE AND DEFERRED TAX LIABILITIES (NET)
(a) Amounts recognised in profit and loss ` in Crores

2020-21 2019-20
Current tax expense (A)
Current year 5,134.78 201.00
Short/(Excess) provision of earlier years (2.41) (120.20)
Deferred tax expense (B)

Origination and reversal of temporary differences (402.98) 400.68
Short/(Excess) provision of earlier years# (1,153.48) (493.63)
Tax expense recognised in the income statement (A+B) 3,575.91 (12.15)
Total Short/ (Excess) Provision of Earlier Years (1,155.89) (613.83)
(b) Amounts recognised in other comprehensive income ` in Crores

2020-21 2019-20
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 (16.12) (51.45) (67.57) (284.47) 99.41 (185.06)
Equity instruments through Other Comprehensive income-
net change in fair value 135.96 - 135.96 (322.27) 9.34 (312.93)
Total 119.84 (51.45) 68.39 (606.74) 108.75 (497.99)
* Deferred Tax (Expense)/benefit
(c) Amounts recognised directly in equity ` in Crores

2020-21 2019-20
Before tax Tax (expense) Net of tax Before tax Tax (expense) Net of tax
benefit benefit
Dividend Income of “BPCL ESPS Trust” (Refer Note No. 45) - - -
Current Tax 69.41 (29.67) 39.74 - - -
Deferred Tax 21.69 (9.27) 12.42 - - -
Total 91.10 (38.94) 52.16 - - -

242
NOTE 28 TAX EXPENSE AND DEFERRED TAX LIABILITIES (NET) (CONTD.)
(d) Reconciliation of effective tax rate
2020-21 2019-20
Particulars % ` in Crores % ` in Crores
Profit before tax 22,617.58 2,671.04
Tax using the Company’s domestic tax rate 25.168% 5,692.40 34.944% 933.37
Tax effect of:
Non-deductible tax expenses 0.17% 38.46 3.02% 80.67
Income for which Deduction/ Exemption available -2.30% (520.53) -14.25% (380.61)
Income taxable under Special Tax Rates -2.12% (480.25) - -
Interest expense not deductible for tax purposes 0.10% 23.05 -0.49% (13.21)
Incremental deduction allowed for research and development costs - - -0.58% (15.62)
Adjustments recognised in current year in relation to the current tax of prior years -5.11% (1,155.89) -22.98% (613.83)
Others -0.09% (21.33) -0.11% (2.92)
Income Tax Expense 15.81% 3,575.91 -0.45% (12.15)

(e) Movement in deferred tax balances ` in Crores
As at 31/03/2021
Net balance Recognized in Recognized Recognized Recognized Net Balance Deferred tax Deferred tax
as at profit or loss in OCI in Short Excess # directly in asset liability
01/04/2020 equity
Deferred tax Asset / (Liabilities)
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 - - - -
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)
242
NOTE 28 TAX EXPENSE AND DEFERRED TAX LIABILITIES (NET) (CONTD.)
(f) Movement in deferred tax balances ` in Crores
As at 31/03/2020
Net balance Recognized in Recognized Recognized Recognized Net Balance Deferred tax Deferred tax
as at profit or loss in OCI in Short directly in asset liability
01/04/2019 Excess # equity
Property, plant and equipment (7,664.06) (862.65) - 258.29 - (8,268.42) - (8,268.42)
Intangible assets (18.80) 3.72 - - - (15.08) - (15.08)
Derivatives (8.24) 10.77 - - - 2.53 2.53 -
Investments 44.79 (92.76) 9.34 - - (38.63) - (38.63)
Trade and other receivables 61.10 6.31 - - - 67.41 67.41 -
Loans and borrowings 0.93 23.67 - - - 24.60 24.60 -
Employee benefits 582.77 (99.41) 99.41 - - 582.77 582.77 -
Deferred income 54.42 (4.64) - - - 49.78 49.78 -
Provisions 228.28 (88.77) - - - 139.51 139.51 -
Other Current liabilities 320.81 51.32 - (38.76) - 333.37 333.37 -
MAT Credit Entitlement 248.00 201.00 - 274.10 - 723.10 723.10 -
Unabsorbed Depreciation - 388.74 - - - 388.74 388.74 -
Other items (18.99) 62.02 - - - 43.03 43.03 -
Tax Assets / (Liabilities) (6,168.99) (400.68) 108.75 493.63 - (5,967.29) 2,354.84 (8,322.13)
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.
# Management has decided to opt for 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 last year under old tax regime. Necessary impact has been 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 has not been carried forward during the current year as per the provisions of Section 115BAA of
Income Tax Act, 1961.
* During current year Corporation has utilised unabsorbed depreciation on which Deferred Tax Asset of ` 388.74 Crores was recognised in previous year. The net utilisation of
` 223.02 Crores is available as per current tax rate of 25.168% . Balance amount has been taken to short/ excess based on the provisions of new tax regime.
** Corporation has utilised Carry Forward Capital Loss under income Tax Act, 1961 on which deferred tax impact of ` 6.32 Crores has been recognised in short/ (excess).

NOTE 29 OTHER NON-CURRENT LIABILITIES
` in Crores
31/03/2021 31/03/2020
Deferred Income and Others * 549.95 381.72
Total 549.95 381.72
* Deferred Income includes unamortised portion of Government Grants amounting to ` 123.92 Crores (Previous year
` 132.13 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 BORROWINGS
` in Crores
31/03/2021 31/03/2020
Loans repayable on demand
Secured
From Banks *
Working Capital Loans / Cash Credit 38.41 2,196.90
Foreign Currency Loans - 1,206.17
Unsecured
From Banks
Working Capital Loan - 2,400.00
Other Loans
Secured
Loans through Triparty Repo Settlement System (TREPS) of Clearing 849.97 999.98
Corporation of India Limited **
Unsecured
Commercial Paper 3,344.43 4,457.75
Total 4,232.81 17,721.37
* 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
borrowings against which was ` 850.00 Crores (Previous Year ` 1,000.00 Crores) . These limits are secured by 7.59%
Govt. Stock 2026 & Treasury Bills of face value ` 870.00 Crores (Previous Year: ` 1,220.00 Crores) secured by 7.59%
Govt. Stock 2026 & 6.90% Oil Marketing Companies GOI Special Bonds 2026.

NOTE 31 TRADE PAYABLES
` in Crores
31/03/2021 31/03/2020
Total Outstanding Dues of Micro Enterprises and Small Enterprises 147.62 121.29
(Refer Note No. 62)
Total Outstanding Dues of Creditors Other than Micro Enterprises and
Small Enterprises
Dues to Subsidiaries (Refer Note No. 68(I)) - 637.38
Dues to Others (Refer Note No. 46) * 16,097.68 11,750.87
16,097.68 12,388.25
Total 16,245.30 12,509.54
transfer of assets and liabilities of Corporation's Gas business to BGRL. Accordingly Trade Payables of Gas Business will
no longer be considered as "Liabilities included in disposal group held-for-sale" as on 31st March 2021.(Previous Year
` 495.60 Crores) [Refer Note No. 22(b) and 68(II)]
NOTE 32 OTHER FINANCIAL LIABILITIES

` in Crores
31/03/2021 31/03/2020
Current Maturities of Long-Term Borrowings (Refer Note No. 25) 5,049.32 3,672.20
Current Maturities of Lease Liabilities (Refer Note No. 25a) 243.39 152.42
Interest Accrued but not due on Borrowings 301.72 256.19
Security/Earnest Money Deposits # 834.28 738.44
Deposits For Containers * 15,295.64 14,669.16
Unclaimed Dividends ** 25.55 16.98
Unpaid Dividends 439.89 -
Dues to Micro Enterprises and Small Enterprises (Refer Note No. 62) 249.18 219.97
Derivative Liability 19.03 18.79
Other Liabilities # 2,352.71 2,728.33
Total 24,810.71 22,472.48
transfer of assets and liabilities of Corporation's Gas business to BGRL. Accordingly Security/Earnest Money Deposits and
Other Liabilities of Gas Business will no longer be considered as "Liabilities included in disposal group held-for-sale" as on
31st March 2021.(Previous Year ` 0.66 Crores and ` 15.30 Crores respectively). [Refer Note No. 22(b) and 68(II)]
* Includes deposits received under Rajiv Gandhi Gramin LPG Vitrak Yojana and Pradhan Mantri Ujjwala Yojana (Central
Scheme) ` 3,281.45 Crores (Previous year ` 3,286.46 Crores). The deposit against these schemes have been funded from
CSR fund and Government of India.
** 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
31/03/2021 31/03/2020
Advances From Customers # 813.60 694.55
Statutory Liabilities 5,856.29 3,139.16
Others (Deferred income etc.) * 102.01 69.31
Total 6,771.90 3,903.02
transfer of Assets and Liabilities of Corporation's Gas business to BGRL. Accordingly Advance from customers of Gas
Business will no longer be considered as "Liabilities included in disposal group held-for-sale" as on 31st March 2021.
(Previous Year ` 19.78 Crores). [Refer Note No. 22(b) and 68(II)]
` 10.50 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 34 PROVISIONS
` in Crores
31/03/2021 31/03/2020
Provision For Employee Benefits (Refer Note No. 50) 1,465.25 1,525.25
Provision For CSR Expenditure (Refer Note No. 58) 17.01 25.66
Others (Refer Note No. 57) * 376.66 280.09
Total 1,858.92 1,831.00
* Above includes deposits/ claims made of ` 107.60 Crores (Previous year ` 107.00 Crores) netted of against provisions.
NOTE 35 CURRENT TAX LIABILITIES (NET)

` in Crores
31/03/2021 31/03/2020
Current Tax Liabilities (Net of Taxes paid) 825.48 32.80
Total 825.48 32.80

NOTE 36 REVENUE FROM OPERATIONS
` in Crores
(A) i) Sales
Petroleum products * 2,96,923.35 3,22,514.35
Crude oil 3,889.32 3,588.92
3,00,812.67 3,26,103.27
ii) Subsidy from Central/State Governments (Refer Note No. 44) 17.05 290.19
3,00,829.72 3,26,393.46
(B) Other operating revenues 1,035.26 1,187.32
Total 3,01,864.98 3,27,580.78
* Amount of ` 485.76 Crores (Previous year : ` 169.69 Crores) recognized in the revenue from operations towards
recoverable additional uncompensated cost against LPG sales.
NOTE 37 OTHER INCOME

` in Crores
Interest Income on
Instruments measured at FVTPL 352.62 358.43
Instruments measured at amortised cost 824.50 740.65
Income Tax Refund 34.18 -
Dividend Income
Dividend income - Subsidiaries, Joint Ventures and Associates 2,051.04 1,058.83
Dividend income from non-current equity instruments at FVOCI 17.19 32.30
Net gains on fair value changes of
Instruments measured at FVTPL ^ 78.68 291.78
Share of profit from association of persons - 0.68
Write back of liabilities no longer required 99.27 18.15
Reversal of allowance on doubtful debts and advances (net) - 165.10
Net gains on foreign currency transactions and translations @
Exchange Gains/(Losses) on foreign currency forwards and principal (7.39) -
only swap contracts
Exchange Gains/(Losses) on transactions and translations of other 207.14 -
foreign currency assets and liabilities
Sub-Total 199.75 -
Others # 687.22 415.39
Total 4,344.45 3,081.31
^ Includes gain on sale of investments of ` 3.58 Crores (Previous year : ` 26.31 Crores)
@ During Previous year net losses on foreign currency transactions and translations of ` 1,662.34 Crores has been
grouped under Other Expenses.
# Includes amortisation of capital grants ` 10.41 Crores (Previous year : ` 11.75 Crores)

NOTE 38 COST OF MATERIALS CONSUMED
` in Crores
Opening stock 3,137.95 3,843.86
Add : Purchases 73,680.39 1,12,578.36
Less: Closing stock (5,664.78) (3,137.95)
Gross Total 71,153.56 1,13,284.27
Less : Exceptional Items (Refer Note 69) - (54.97)
Net Total 71,153.56 1,13,229.30
NOTE 39 PURCHASES OF STOCK-IN-TRADE

` in Crores
Petroleum products 1,23,660.66 1,39,251.16
Crude oil 3,889.32 3,588.92
Others 250.89 324.17
Total 1,27,800.87 1,43,164.25
NOTE 40 CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK-IN-TRADE

AND WORK-IN-PROGRESS
` in Crores
Value of opening stock of
Finished goods 10,180.28 9,593.83
Stock-in-trade 5,591.42 6,316.33
Work-in-progress 725.32 1,156.10
16,497.02 17,066.26
Less : Value of closing 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
Net (increase) / decrease in inventories of finished goods, stock-in-trade (3,633.57) 569.24
and work-in-progress
Less: Exceptional Items (Refer Note 69) - 1,025.86
Net (increase) / decrease in inventories excluding exceptional items (3,633.57) (456.62)

NOTE 41 EMPLOYEE BENEFITS EXPENSE
` in Crores
Salaries and Wages (Refer Note 47) 2,536.78 2,687.28
Contribution to Provident and Other funds (Refer Note 50) 498.84 547.11
Staff Welfare Expenses 662.72 457.06
Voluntary Retirement Scheme 778.83 -
Total Employee benefits expense 4,477.17 3,691.45
NOTE 42 FINANCE COSTS

` in Crores
Interest Expense * 1,552.30 1,624.97
Other Borrowing Costs 27.95 31.71
Interest on shortfall in payment of income tax - 6.17
Exchange differences regarded as an adjustment to borrowing costs (251.89) 519.01
Total 1,328.36 2,181.86
* Includes ` 534.55 Crores (Previous year : ` 507.82 Crores) recognized during the year as interest cost against Lease
Liabilities as per IND AS 116.

NOTE 43 OTHER EXPENSES
` in Crores
Transportation 6,874.19 7,166.15
Octroi, Other Levies and Irrecoverable Taxes 1,123.24 1,234.06
Repairs, maintenance, stores and spares consumption 1,179.33 1,378.03
Power and fuel 4,820.59 6,089.24
Less: Consumption of fuel out of own production (2,489.01) (3,324.81)
Power and fuel consumed (net) 2,331.58 2,764.43
Packages consumed 160.64 177.87
Net losses on fair value changes of
Derivatives measured at FVTPL 31.49 157.92
Office Administration, Selling and Other expenses
Rent 128.61 166.07
Utilities 295.69 319.70
Terminaling and related expenses 210.50 211.73
Travelling and conveyance 141.97 227.97
Remuneration to auditors
Audit fees 0.58 0.58
Fees for other services - Certification 0.36 0.37
Reimbursement of out of pocket expenses 0.01 0.01
Sub-Total 0.95 0.96
Bad debts and other write offs 8.85 82.38
Allowance for doubtful debts & advances (net) 285.22 -
Loss on sale of property plant and equipment / 21.29 41.14
non-current assets held for sale (net)
Net losses on foreign currency transactions and translations ^
Exchange losses/(Gains) on foreign currency forwards - (185.45)
and principal only swap contracts
Exchange losses/(Gains) on transactions and translations - 1,847.79
of other foreign currency assets and liabilities
Sub-Total - 1,662.34
CSR Expenditure (Refer Note 58) 136.25 198.98
Impairment loss on Non-current assets held for sale 32.41 53.26
Others 2,654.25 2,272.27
Sub-Total - Office Administration, Selling and Other expenses 3,915.99 5,236.80
Total 15,616.46 18,115.26
^ During the current year net gains on foreign currency transactions and translations of ` 199.75 Crores has been grouped
under Other Income.

NOTE 44
There is Nil gross under recovery (Previous year: ` 255.31 Crores) on sale of sensitive petroleum product due to non-
revision in retail selling prices corresponding to the international prices and applicable foreign exchange rates prevailing
during the year.
As advised by the Ministry of Petroleum & Natural Gas, the Corporation has accounted compensation towards sharing of
under-recoveries on sale of sensitive petroleum product as subsidy from Government of India amounting to Nil (Previous
year: ` 255.31 Crores) and the same is accounted as Revenue from operations.
After adjusting the above compensation, the net under recovery absorbed by the Corporation is Nil (Previous year: Nil).
Further, subsidies received from State Governments recognized in Revenue from Operations for ` 17.05 Crores (Previous
year: ` 34.88 Crores) during the year.
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. After the 1:1 Bonus issue in July 2012 and July 2016 respectively and 1:2 bonus issue in July 2017,
the Trust holds 20,23,72,422 equity shares of the Corporation as on 1st April 2020. The cost of the original investment
together with the additional contribution to the corpus of the trust made in 2014-15 is 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.
During the year, Corporation has 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" has
purchased 4,33,79,025 Equity shares from "BPCL Trust for investment in shares". The proportionate cost of "BPCL Trust
for Investment in Shares" has been recognized as cost of shares held by "BPCL ESPS Trust".
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.
Further, 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 has
been recognized after adjusting the corresponding cost of ` 410.48 Crores (including Face Value of Equity Shares of
` 126.03 Crores) under Total Equity.
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 2021 As at 31st March 2020

Corresponding Cost Corresponding Cost
BPCL Trust for Investment adjusted under adjusted under
in Shares
No. of shares Paid-up Other No. of shares Paid-up Other
Share Capital Equity Share Capital Equity
` in Crores ` in Crores ` in Crores ` in Crores
Opening Balance 20,23,72,422 202.37 456.74 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 (12,60,33,090) (126.03) (284.45) - - -
via Block Deal
Closing Balance 3,29,60,307 32.96 74.39 20,23,72,422 202.37 456.74

adjusted under adjusted under
BPCL ESPS Trust
Opening Balance - - - - - -
Add: Purchased from "BPCL Trust 4,33,79,025 43.38 97.90 - - -

for Investment in Shares"
Closing Balance 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.) 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
The Corporation has provided for Pay Revision dues of non-management staff under Salaries and Wages amounting to
` 151.10 Crores (Previous year: ` 353.02 Crores) during the year based on the available information and judgement.
Further, Corporation has finalized Pay Revision with some of the Employees / Employee Unions during the year.
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.

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 No. 2)
` in Crores
As at Ind AS Additions Reclassifications As at Up to For the Reclassifications Up to As at As at
Particulars 01/04/2020 116 / Deductions 31/03/2021 31/03/2020 Year / Deductions 31/03/2021 31/03/2021 31/03/2020
Conclusion Conclusion
Land 3,944.18 - 575.30 106.18 4,413.30 173.43 175.61 22.11 326.93 4,086.37 3,770.75
Buildings including 31.97 - 40.30 (89.86) 162.13 4.03 26.43 (18.82) 49.28 112.85 27.94
Roads
Plant and Equipments 3,246.37 - 1,510.72 - 4,757.09 198.20 206.96 - 405.16 4,351.93 3,048.17
Tanks and Pipelines 4.96 - 21.65 - 26.61 1.98 7.49 - 9.47 17.14 2.98
Vehicles 0.18 - - - 0.18 0.07 0.09 - 0.16 0.02 0.11
Total 7,227.66 - 2,147.97 16.32 9,359.31 377.71 416.58 3.29 791.00 8,568.31 6,849.95
Previous Year - 6,317.15 913.95 3.44 7,227.66 - 377.96 0.25 377.71 6,849.95
b) The following expenses have been charged to Statement of Profit and Loss during the year
` in Crores
Interest on Lease liabilities 534.55 507.82
Expenses relating to Short term leases 1,323.00 754.48
Expenses relating to leases of Low value items 3.52 13.46
Expenses relating to Variable lease payments (not included in measurement of Lease liabilities) 4,791.35 4,774.15

NOTE 49 DISCLOSURES AS PER IND AS 116 LEASES (CONTD.)
c) Total Cash outflow for leases during FY 2020-21 is ` 6,713.02 Crores (Previous year ` 5,680.08 Crores)
d) Income from Sub leasing of Right-of-use assets recognised in Statement of Profit and Loss during FY 2020-21
is ` 3.20 Crores (Previous year ` 0.71 Crores)
e) Maturity analysis of lease liabilities as per IND AS 116 leases
` in Crores
Contractual Cash Flows
As at 31/03/2021
Upto 1 year 1-3 years 3-5 years More than 5 years Total
Undiscounted Cash outflows 808.11 1,630.10 1,596.33 11,325.47 15,360.01
` in Crores

As at 31/03/2020
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:
As at 31st March 2021 ` in Crores

Particulars Freehold Buildings Plant and Tanks & Furnitures Office Railway Vehicles ROU
Land Equipments Pipelines and Fixtures Equipment Sidings Assets
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 - 0.07

Particulars Freehold Buildings Plant and Tanks & Furnitures Office Railway Vehicles ROU
Land Equipments Pipelines and Fixtures Equipment Sidings Assets
Accumulated depreciation - 28.86 40.92 70.33 5.47 4.17 27.80 - 0.12
b) Income earned from Operating Leases recognised in Statement of Profit and Loss during FY 2020-21 is
` 52.32 Crores (Previous year ` 54.03 Crores) [of which Variable lease payments that do not depend on index
or rate is ` 7.61 Crores (Previous year ` 8.33 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 26.76 26.28 26.29 26.29 6.65 1.76 114.03
Payments receivable

Particulars Within 1 year 1 - 2 years 2 - 3 years 3 - 4 years 4 - 5 years > 5 years Total
Undiscounted Lease 27.22 26.71 26.26 26.27 26.28 8.50 141.24
Payments receivable
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 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.
` in Crores
Amount recognized in the Statement of Profit and Loss 2020-21 2019-20
Defined Contribution Scheme 270.89 132.82
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) 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;
(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 longetivity risk, interest rate risk, and
market (investment) risk.

NOTE 50 EMPLOYEE BENEFITS (CONTD.)
Movement in net defined benefit (asset)/ liability
a) Reconciliation of balances of Defined Benefit Obligations.

` in Crores
Particulars Gratuity - Funded Post Retirement Medical - Burmah Shell
Funded Pension - Non Funded
2020-21 2019-20 2020-21 2019-20 2020-21 2019-20
Defined Obligations at the 1,071.90 1,080.21 1,502.66 1,243.73 72.14 71.78
beginning of the year
Interest Cost 73.64 83.82 102.33 96.76 4.64 5.18
Current Service Cost 15.35 14.47 52.92 41.55 - -
Past Service Cost 23.64 - 56.89 - - -
Benefits paid (361.20) (168.77) (57.24) (49.03) (13.55) (14.96)
Actuarial (Gains)/
Losses on obligations
-Changes in Demographic - - 179.73 - (1.32) -
Assumptions
-Changes in financial Assumptions 2.82 53.49 (26.26) 193.23 0.33 1.77
-Experience adjustments (17.43) 8.68 (85.90) (23.58) 2.08 8.37
Defined Obligations at the
end of the year 808.72 1,071.90 1,725.13 1,502.66 64.32 72.14
b) Reconciliation of balances of Fair Value of Plan Assets
Fair Value at the beginning of 807.79 741.64 1,693.02 1,129.93

the year
Interest income (i) 55.50 57.55 115.29 87.91
Return on Plan Assets, 5.87 1.23 43.63 (12.57)
excluding interest income(ii)
Actual Return on 61.37 58.78 158.92 75.34
Plan assets (i+ii)
Contribution by employer - 7.37 5.49 535.43
Contribution by employee - - - 1.35
Benefits paid - - (57.24) (49.03)
Fair Value of Plan Assets at the 869.16 807.79 1,800.19 1,693.02
end of the year
c) Liability/(Asset) recognized (60.44) 264.11 (75.06) (190.36) 64.32 72.14

in Balance sheet (a-b)
d) Amount recognized in Statement of Profit and Loss

Current Service Cost 15.35 14.47 52.92 41.55 - -
Past Service Cost 23.64 - 56.89 - - -
Interest Cost 73.64 83.82 102.33 96.76 4.64 5.18
Interest income (55.50) (57.55) (115.29) (87.91) - -
Contribution by employee - - - (1.35) - -
Expenses for the year 57.13 40.74 96.85 49.05 4.64 5.18

e) Amount recognized in Other Comprehensive Income Remeasurements :

` in Crores
Particulars Gratuity - Funded Post Retirement Medical - Burmah Shell
Funded Pension - Non Funded
2020-21 2019-20 2020-21 2019-20 2020-21 2019-20
Actuarial (Gains)/ Losses
- Changes in Demographic - - 179.73 - (1.32) -
Assumptions
- Changes in financial 2.82 53.49 (26.26) 193.23 0.33 1.77
assumptions
- Experience adjustments (17.43) 8.68 (85.90) (23.58) 2.08 8.37
Return on plan assets
excluding net interest cost (5.87) (1.23) (43.63) 12.57 - -
Total (20.48) 60.94 23.94 182.22 1.09 10.14
f) Major Actuarial Assumptions

2020-21 2019-20 2020-21 2019-20 2020-21 2019-20
Discount Rate (%) 6.82 6.87 6.91 6.81 6.26 6.43
Salary Escalation (%) 8.00 8.00 NA NA NA NA
Expected Return on 6.82 6.87 6.91 6.81 NA NA
Plan assets (%)
g) Investment pattern for Fund Gratuity - Funded Post Retirement Medical -

Funded
As at As at As at As at
Category of Asset 31/03/2021 31/03/2020 31/03/2021 31/03/2020
Government of India Securities (%) 15.77 17.23 19.81 15.38
Corporate Bonds (%) 2.49 7.00 49.56 57.47
Insurer Managed funds (%) 81.14 74.31 - -
State Government Securities (%) - 0.56 25.95 14.62
Others (%) 0.60 0.90 4.68 12.53
Total (%) 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.
During FY 2019-20, Corporation has contributed an estimated amount of ` 122 Crores towards advance funding to PRMB fund
against the future service liabilities of the employees to protect the PRMB fund sustainability for the subsequent period in view of
proposed disinvestment.
In respect of investments made by PRMB Trust, total Provision as on 31st March 2021 was ` 35 Crores (Previous year: ` 35 Crores).
Past Service cost is recognized in respect of Gratuity and Post Retirement Medical Benefits mainly on account of
implementation of Voluntary Retirement Scheme. These Past Service Cost has been reclassified as Voluntary Retirement
Scheme cost under Employee Benefits Expense during the year.

` in Crores
Particulars Death/Permanent Re-settlement Ex-gratia Felicitation
disablement - Allowance - Scheme - Scheme -
Non Funded Non Funded Non Funded Non Funded
2020-21 2019-20 2020-21 2019-20 2020-21 2019-20 2020-21 2019-20
a) Reconciliation of balances of Defined Benefit Obligations
Defined Obligations at the 12.34 11.26 12.75 12.87 375.47 341.88 79.70 84.45
Interest Cost 0.77 0.80 0.88 1.00 25.57 26.60 5.43 6.57
Current Service Cost - - 3.01 3.00 5.95 5.66 1.88 2.37
Past Service Cost - - (0.87) - 272.08 - -
Benefits paid (7.05) (7.49) (4.99) (1.73) (28.67) (27.97) (2.19) (10.18)
on obligations
- Changes in Demographic - - - - 52.90 - 6.80 -
Assumptions
- Changes in financial 0.51 2.12 0.03 0.67 (5.48) 28.82 (0.75) 6.62
Assumptions
- Experience adjustments 6.18 5.65 (1.53) (3.06) (34.80) 0.48 (12.29) (10.13)
Defined Obligations at the end 12.75 12.34 9.28 12.75 663.02 375.47 78.58 79.70
of the year
b) Liability/(Asset) recognized 12.75 12.34 9.28 12.75 663.02 375.47 78.58 79.70
in Balance sheet
c) Amount recognized in Statement of Profit and Loss
Past Service Cost - - (0.87) - 272.08 - - -
Interest Cost 0.77 0.80 0.88 1.00 25.57 26.60 5.43 6.57
Expenses for the year 0.77 0.80 3.02 4.00 303.60 32.26 7.31 8.94
d) Amount recognized in Other Comprehensive Income Remeasurements :

- Changes in Demographic
Assumptions - - - - 52.90 - 6.80 -
- Changes in financial assumptions 0.51 2.12 0.03 0.67 (5.48) 28.82 (0.75) 6.62
Total 6.69 7.77 (1.50) (2.39) 12.62 29.30 (6.24) (3.51)
e) Major Actuarial Assumptions
Discount Rate (%) 6.06 6.24 6.82 6.87 6.91 6.81 6.91 6.81
Past Service cost is recognized in respect of Ex-Gratia Scheme as there has been an upwards revision in benefits under the scheme.
Past Service cost is recognised in respect of Resettlement Scheme mainly on account of implementation of Voluntary Retirement Scheme.
This Past Service Cost has been reclassified as Voluntary Retirement Scheme cost under Employee Benefits Expense during the year.

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 2021 is as below:
` in Crores
Particulars Gratuity - Post Burmah Death/ Resettlement Exgratia Felicitation
Funded Retirement shell Permanent allowance- scheme- Scheme -
Medical - Pension- Disablement- Non funded Non funded Non Funded
Funded Non Non funded
Funded
+ 1% change in rate of (52.43) (229.44) (1.89) (2.77) (0.63) (50.16) (6.81)
Discounting
- 1% change in rate of 61.16 296.36 2.03 2.98 0.73 59.16 8.20
Discounting
+ 1% change in rate of 9.54 - - - - - -
Salary increase
- 1% change in rate of (11.59) - - - - - -
Salary increase
Sensitivity analysis for significant actuarial assumptions, showing how the defined benefit obligation would be affected,
considering increase/decrease of 1% as at 31stMarch 2020 is as below:
` in Crores
Particulars Gratuity - Post Burmah Death/ Resettlement Exgratia Felicitation
Funded Retirement shell Permanent allowance- scheme- Scheme -
Medical - Pension- Disablement- Non funded Non funded Non Funded
Funded Non Non funded
Funded
+ 1% change in rate of (59.66) (198.51) (2.22) (2.53) (0.74) (29.64) (6.81)
Discounting
- 1% change in rate of 68.76 256.52 2.38 2.72 0.85 34.73 8.20
Discounting
+ 1% change in rate of 11.11 - - - - - -
Salary increase
- 1% change in rate of (12.83) - - - - - -
Salary increase
Sensitivity for significant actuarial asssumptions 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 2021 are as follows:
` in Crores
Gratuity - Post Burmah shell Death/ Resettlement Exgratia Felicitation
Funded Retirement Pension- Permanent allowance- scheme-Non Scheme -
Particulars
Medical - Non Funded Disablement- Non funded funded Non funded
Funded Non funded
Projected benefits payable in future years from the date of reporting
1st following year 117.96 80.21 13.54 3.01 1.26 44.28 9.32
2nd following year 62.14 92.01 9.83 2.52 0.58 44.24 2.68
3rd following year 85.58 98.18 8.28 2.10 0.95 42.62 2.75
4th following year 83.00 105.09 6.91 1.71 0.95 41.05 3.62
5th following year 76.91 112.26 5.70 1.50 0.89 39.52 3.81
Years 6 to 10 320.75 685.60 15.62 4.04 3.84 176.04 26.65
Other details as at 31st March 2021

Gratuity - Post Burmah shell Death/ Resettlement Exgratia Felicitation
Funded Retirement Pension- Permanent allowance- scheme-Non Scheme -
Particulars
Medical - Non Funded Disablement- Non funded funded Non funded
Funded Non funded
Weighted average 9.00 16.00 4.00 6.00 9.00 9.00 11.00
duration of the
Projected Benefit
Obligation(in years)
Prescribed - - - - - - -
contribution for
next year (` in Crores)
Mortality Table
- During Employment Indian Assured Lives Mortality (2006-08)
- After Employment Indian Individual AMT (2012-15)
[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 years. The estimated shortfall in returns for the FY 2020-21 is Nil
(Previous year: ` 8.00 Crores). During FY 2020-21, there is reversal of provision towards estimated shortfall in
returns of ` 8 Crores (Previous year: Provision of ` 132.01 Crores for estimated interest shortfall and provision for
investment). The Fund balance is sufficient to meet the fund obligations as on 31st March 2021 and 31st March 2020.
The details of fund obligations are given below: ` in Crores

Present Value of benefit obligation at period end 4,860.26 5,584.69

NOTE 51 RELATED PARTY TRANSACTIONS
a) Names of the Related parties

Joint Venture & Associate Companies
1. Indraprastha Gas Limited
2. Petronet India Limited *
3. Petronet CI Limited *
4. Petronet LNG Limited
5. Bharat Oman Refineries 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 & Petrochemicals Limited
23. Ujjwala Plus Foundation (Section 8 company)
24. Petroleum India International @
25. IBV (Brasil) Petroleo Ltda.
26. Taas India Pte Ltd
27. Vankor India Pte Ltd
28. Falcon Oil & Gas BV
29. Mozambique LNG 1 Pte Ltd
30. Mozambique LNG1 Holding Company Ltd
31. Mozambique LNG1 Financing Company Ltd.
32. Mozambique LNG1 Financing Company LDA
33. LLC TYNGD
34. JSC Vankorneft
35. Urja Bharat Pte. Ltd.
36. DNP Limited ^
37. Brahmaputra Cracker and Polymer Limited ^
38. Assam Bio Refinery (P) Ltd. ^
39. Indradhanush Gas Grid Limited ^
40. IHB Private Limited
* Companies in the process of winding up
@ Dissolved during FY 2019-20
^ 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

NOTE 51 RELATED PARTY TRANSACTIONS (CONTD.)
Key Management Personnel :

1. Shri K. Padmakar, Director (Human Resources). He is holding additional charge of Chairman & Managing
Director w.e.f. 01.09.2020.
2. Shri D. Rajkumar, Chairman & Managing Director (Upto 31.08.2020)
3. Shri Arun Kumar Singh, Director (Marketing). He is holding additional charge of Director(Refineries)
w.e.f. 18.09.2020.
4. Shri R. Ramachandran, Director (Refineries) (Upto 31.08.2020)
5. Shri N. Vijayagopal, Director (Finance)
6. Shri M. Venugopal, Company Secretary (Upto 31.12.2019)
7. Smt. V. Kala, Company Secretary (w.e.f. 13.02.2020)
8. Shri Rajesh Kumar Mangal, Independent Director (Upto 30.11.2019)
9. Shri Vishal V Sharma, Independent Director (Upto 08.02.2020)
10. Dr. K. Ellangovan, Govt. Nominee Director
11. Smt. Jane Mary Shanti Sundharam, Independent Director (Upto 04.03.2020)
12. Shri Vinay Sheel Oberoi, Independent Director (Upto 09.04.2020)
13. Shri Harshadkumar P. Shah, Independent Director (w.e.f. 16.07.2019)
14. Shri Rajiv Bansal, Govt. Nominee Director (Upto 07.01.2020)
15. Shri Rajesh Aggarwal, Govt. Nominee Director (w.e.f. 08.01.2020)
b) The nature wise transactions and outstanding at period end with the above Joint Ventures and Associates are
as follows:
` in Crores
Sr.No. Nature of Transactions 2020-21 2019-20
1. Purchase of goods 41,585.44 50,420.13
2. Sale of goods 3,283.53 3,549.87
3. Rendering of Services 134.24 134.82
4. Receiving of Services 347.08 425.44
5. Interest Income 114.39 114.38
6. Dividend Income and other receipts 350.23 243.13
7. Investment and Advance for Investments- Equity 528.53 190.21
8. Loan Given 15.00 -
9. Management Contracts (Employees on deputation/ consultancy services) 35.69 35.98
10. Lease Rental & other charges received 31.49 30.74
11. Proceeds from reduction in Equity Investment 12.71 -
12. Lease Rental & Other Charges paid 0.10 0.10
13. Refund of Capital Contribution - 0.10
14. Deposit given 0.01 0.06
15. Deposit refund 0.01 -
16. Reduction in Financial Guarantee 633.24 -
17. Receivables as at year end 1,542.81 1,543.68
18. Payables as at year end 1,999.35 1,655.39
19. Commitments 3.62 -
20. Guarantee Outstanding 752.00 1,385.24
The outstanding balances are unsecured and are being settled in cash except advance against equities which are
settled in equity.

NOTE 51 RELATED PARTY TRANSACTIONS (CONTD.)
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, entire Investment in Equity Shares of Numaligarh Refinery Limited have been sold to a consortium of Oil
India Limited and Engineers India Limited; and to Government of Assam during FY 2020-21 at a total consideration of
` 9,875.96 Crores.
d) Key management personnel compensation
` in Crores
Short-term employee benefits 3.25 3.54
Post-employment benefits 0.73 0.63
Other long-term benefits 0.89 0.31
Others (including sitting fees to non-executive directors) 0.15 0.49
Share Based Payment 0.57 -
NOTE 52 DUES FROM DIRECTORS / OFFICERS
Dues from Directors is ` 0.10 Crores (Previous year: ` 0.34 Crores) and Dues from Officers is ` 6.00 Crores (Previous
year: ` 4.62 Crores).

NOTE 53
In compliance with Ind AS – 27 ‘Separate Financial Statements’, the required information is as under:
Principal place Percentage of ownership

of Business Interest
Particulars / Country of As at As at
Incorporation 31/03/2021 31/03/2020
Subsidiaries
Numaligarh Refinery Limited (Note 1) India - 61.65%
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 (Note 2) India 16.00% 16.00%
Petronet CI Limited (Note 2) India 11.00% 11.00%
Petronet LNG Limited India 12.50% 12.50%
Bharat Oman Refineries Limited (Note 3) India 63.38% 63.38%
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 (Note 2) 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 20.73% 20.73%
Ratnagiri Refinery & Petrochemicals Limited India 25.00% 25.00%
IHB Private Limited India 25.00% 25.00%
Notes:
1. Ceased to be the Subsidiary of the Corporation with effect from 26th March 2021 [Refer Note 68(I)].
2. Companies in the process of winding up.
3. In addition to the ownership interest as mentioned above, the Corporation has made an investment in Compulsorily
Convertible Debentures and Share Warrants of Bharat Oman Refineries Limited.
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.

NOTE 54 EARNINGS PER SHARE (EPS)
Sr. No. Particulars 2020-21 2019-20
i. Profit attributable to equity holders of the Corporation for basic and

diluted earnings per equity share (` in Crores) 19,041.67 2,683.19
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 (17.57) (20.24)
Investment in Shares” [Refer Note 45] (In Crores)
Less : Weighted average No. of Shares held by “BPCL ESPS Trust” (1.91) -
[Refer Note 45] (In Crores)
Weighted average number of shares for calculating basic EPS (In Crores) 197.45 196.69
iii. Weighted average number of ordinary shares for Diluted EPS

Total Weighted average Potential Equity Shares * (In Crores) 0.65 -
Weighted average number of shares for calculating diluted EPS (In Crores) 198.10 196.69
iv. Basic EPS (`) 96.44 13.64
v. Diluted EPS (`) 96.12 13.64
* Diluted Impact of Employee Share Based Payment Scheme.
NOTE 55 SHARE BASED PAYMENT

(a) Employee option plan
The Corporation has 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, given 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 is named as "BPCL
Employee Stock Purchase Scheme-2020" ("ESPS" / "Scheme"). The above scheme also covers the employees who
have opted for Voluntary Retirement Scheme (VRS) during the year.
As per Vesting Condition of the Scheme, the employee has to render services till the date of share transfer or
retirement (including VRS) and Death in Service whichever is earlier. In view of the above, the scheme has been
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 vest
and need to be exercised on 20th April 2021. Any options remaining unexercised at the end of the exercise period
shall lapse.

NOTE 55 SHARE BASED PAYMENT (CONTD.)
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 equity.
(b) Movement during the period
The number and weighted average exercise prices (WAEP) of the options and movement during the period is as
follows:
Particulars 31st March 2021 31st March 2020

Numer of options WAEP (in `) Numer of options WAEP (in `)
Opening balance - - - -
Granted duing the period 4,33,79,025 126.54 - -
Exercised during the period - - - -
Forfeited during the period (1,69,775) 126.54 - -
Expired during the period (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 2021 is 20 days and the exercise
price is ` 126.54 per option.
(c) Fair value of options granted

The model inputs for options granted during the period ended 31st March 2021 and 31st March 2020 included:
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 ` 940.72 Crores (Previous year : Nil) 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 of impairment of assets. Further, it is
assumed that suitable mechanism would be in place by the Government of India, in line with earlier/ current year(s), to
provide compensation towards under recoveries of margin, if any, and recoveries against Direct Benefit Transfer for LPG
Scheme on account of sale of sensitive petroleum products in subsequent years.
Based on the assessment, there is no indication of impairment of assets except certain investments in Subsidairies, Joint
Ventures and Associates as at 31st March 2021.
The Corporation has carrying value of investment of ` 6,276.37 Crores in its wholly owned subsidiary, Bharat
Petroresources Limited (BPRL). BPRL is an upstream company and is having investments in Oil and Gas Blocks globally
and in India, either directly or through its Subsidiaries (including step down Subsidiaries), Joint ventures and Associates.
During FY 2020-21, BPRL has relinquished or impaired certain oil and gas blocks on account of changes in circumstances
and prospects of the blocks. Accordingly, impairment testing has been carried out on Equity investment made by
Corporation in BPRL and an impairment loss of ` 2,032.79 Crores has been recognized based on the value in use of assets
as on 31st March 2021. Such impairment loss is shown as an exceptional item in Statement of Profit and Loss for the year
ended 31st March 2021.
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 Utilisation Reversals Closing
balance during the year during the year during the year balance
Excise 0.58 0.02 - - 0.60
Customs 3.24 - - - 3.24
Income Tax (TDS) 4.20 0.41 - - 4.61
VAT/ Sales Tax/ Entry Tax/ GST 332.38 79.92 - 0.95 411.35
Property Tax 46.69 25.53 5.86 1.90 64.46
Total 387.09 105.88 5.86 2.85 484.26
Previous year 441.70 113.78 84.80 83.59 387.09
The above provisions are made based on estimates and the expected timing of outflows is not ascertainable at this stage.
Above includes provision of ` 107.60 Crores (Previous year: ` 107.00 Crores) for which deposits have been made.

NOTE 58 DISCLOSURE IN RESPECT OF EXPENDITURE ON
CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES
` in Crores
a) Unspent CSR Expenditure carried forward from previous year (Opening Provision) 25.66 172.25
b) Amount required to be spent by the Corporation during the year. 136.25 198.98
c) Amount spent during the year (on purpose other than construction / acquisition 144.90* 345.57*
of assets controlled by the Corporation) #
d) Provision created for balance amount (Closing Provision) (a+b-c) 17.01 25.66
# 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 activites by the
Corporation.
* including payables of ` 30.18 Crores (Previous year: ` 35.68 Crores)

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 - Amortised Total Level 1 Level 2 Level 3 Total
As at 31/03/2021
Reference at FVTPL designated as Cost
such
Financial assets
Investment in equity instruments 8 - 423.81 - 423.81 328.10 - 95.71 423.81
Investment in debt instruments 8 & 14 5,282.71 - 0.01 5,282.72 5,282.71 - 5,282.71
Derivative instruments - Commodity related 19 5.30 - - 5.30 - 5.30 - 5.30
Deposits 9 - 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
- Non-current-Loans to employee 9 - - 406.29 406.29 - 406.29 - 406.29
- Non-current-Others * 9 - - 1,033.51 1,033.51 - - - -
- Current * 18 - - 137.90 137.90 - - - -
Other Deposits 9 - - 64.57 64.57 - - - -
Cash and cash equivalents 16 - - 6,517.35 6,517.35 - - - -
Bank Balances other than Cash and cash equivalents 17 - - 536.14 536.14 - - - -
Trade receivables 15 - - 7,827.47 7,827.47 - - - -
Others
- Non-current 10 - - 11.81 11.81 - - - -
- Current 19 - - 593.00 593.00 - - - -
Total 6,299.88 423.81 21,050.94 27,774.63 - - - -
Financial liabilities
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 (Foreign Currency) 25 & 32 - - 11,001.50 11,001.50 11,464.09 - - 11,464.09
OIDB Loans 32 - - 793.70 793.70 - 793.89 - 793.89
Debentures 25 & 32 - - 4,294.62 4,294.62 4,343.25 - - 4,343.25
Term loans 25 & 32 - - 466.65 466.65 - - - -
Interest Free Loan from Govt. of Kerala 25 - - 34.48 34.48 - 34.48 - 34.48
Foreign Currency Loans - Syndicated 25 - - 5,491.21 5,491.21 - - - -
Lease Obligation 25a & 32 - - 7,845.36 7,845.36 - - - -
Other Non-Current financial liabilities 26 - - 58.00 58.00 - - - -
Short term borrowings 30 - - 4,232.81 4,232.81 - - - -
Trade and Other Payables 31 - - 16,245.30 16,245.30 - - - -
Other Financial liabilities 32 - - 19,498.97 19,498.97 - - - -
Total 19.03 - 69,962.60 69,981.63 - - - -
Note: There are no other categories of financial instruments other than those mentioned above.
* Carrying amount of non-current loans includes of ` 988.31 Crores (Fair Value : ` 1,032.12 Crores) pertaining to Loans given to Consumers under PMUY scheme. Further, carrying
amount of current loans includes ` 67.48 Crores (Fair Value : ` 74.86 Crores) pertaining to Loans given to Consumers under PMUY scheme. The carrying amount of unamortized
prepaid expenditure pertaining to PMUY Loans as on 31st March 2021 is ` 146.88 Crores.

270
NOTE 59 FINANCIAL INSTRUMENTS (CONTD.)
` in Crores
Note Mandatorily FVOCI - Amortised Total Level 1 Level 2 Level 3 Total
As at 31/03/2020
such

* Carrying amount of non-current loans includes carrying amount of ` 1,022.27 Crores (Fair Value: ` 1,025.71 Crores) pertaining to Loans given to Consumers under PMUY scheme.
Further, carrying amount of current loans includes ` 588.81 Crores (Fair Value: ` 595.04 Crores) pertaining to Loans given to Consumers under PMUY scheme. The carrying amount
of unamortized prepaid expenditure pertaining to PMUY Loans as on 31st March 2020 is ` 276.51 Crores.
270
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

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

instruments - are based on Platts pricing - Settlement is based on applicable applicable
commodity monthly Platts average prices for the respective
contracts 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.
Non current Discounted cash flows: The valuation model considers Not Not
financial assets and the present value of expected receipt/payment applicable applicable
liabilities measured discounted using appropriate discounting rates.
at amortised cost

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
Paticulars Equity securities
Opening Balance (1st April 2019) 114.30
Net change in fair value (unrealised) (47.68)
Closing Balance (31st March 2020) 66.62
st
Opening Balance (1 April 2020) 66.62
Net change in fair value (unrealised) 29.09
st
Closing Balance (31 March 2021) 95.71
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
st st
Significant unobservable inputs As at 31 March 2021 As at 31 March 2020
Profit or loss Profit or loss
Increase Decrease Increase Decrease
P/E (5% movement) 4.79 (4.79) 3.33 (3.33)
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 2021 and 31st March 2020, 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 2021 and
31st March 2020
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 Loss
As at 31st March, 2021 amount average loss allowance
rate - range
Debts not due 5,122.56 0.28% 14.10
Debts over due 2,106.49 25.10% 528.74
Total 7,229.05 7.51% 542.84
` in Crores
Gross carrying Weighted Loss
As at 31st March, 2020 amount average loss allowance
rate - range
Debts not due 2,702.73 0.31% 8.38
Debts over due 2,315.63 12.28% 284.47
Total 5,018.36 5.84% 292.85
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, 2019 260.77
Movement during the year 32.08
Balance as at 31st March, 2020 292.85

As per the Government of India’s scheme - Pradhan Mantri Ujjawala 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 ` 650.84 Crores (Previous year: Nil) 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 ` 86.38 Crores
(Previous year: ` 97.00 Crores) has been recognized on carrying amount of ` 1,055.79 Crores (Previous year: ` 1,611.08
Crores) (Refer Note No. 9 and 18)
(b) Cash and cash equivalents and Other Bank Balances
The Corporation held cash and cash equivalents and other bank balances of ` 7,053.49 Crores at 31st March 2021
(Previous year: ` 115.78 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.
(c) 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.
(d) 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
As at 31/03/2021 Total Upto 1 year 1-3 years 3-5 years More than 5
years
Non-derivative financial liabilities
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 -
Foreign Currency Loans - Syndicated 5,734.06 74.67 5,659.39 - -
Lease Liabilities 15,360.01 808.11 1,630.10 1,596.33 11,325.47
Short term borrowings 4,238.46 4,238.46 - - -
Trade and other payables 16,245.30 16,245.30 - - -
Other current liabilities 19,498.97 19,498.97 - - -
Financial guarantee contracts* 6,603.78 - 1,135.65 - 5,468.13
* 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 ` 175.79 Crores (equivalent USD 23.92 Million) towards
BPRL Venture Mozambique BV’s pro rata share of drawdown of 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 19.93 Million as on
31stMarch 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.
` in Crores
Contractual cash flows
years
Bonds 12,989.93 490.01 8,353.70 301.54 3,844.68
OIDB Loans 1,352.22 478.76 655.06 218.40 -
Term loans 742.63 76.22 136.91 429.50 100.00
Foreign Currency Loans - Syndicated 9,637.36 3,480.47 335.11 5,821.78 -
Financial guarantee contracts* 7,225.73 633.24 - 1,164.71 5,427.78

* Guarantees issued by the Corporation on behalf of joint venture/subsidiary are with respect to borrowings raised by the
respective entity. These amounts will be payable on default by the concerned entity. As of the reporting date, none of the
subsidiary/joint venture have defaulted and hence, the Corporation does not have any present obligation to third parties in
relation to such 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 2021
and 31st March 2020 are as below:
` in Crores
As at 31st March, 2021 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 11,001.51 - - - -
Foreign Currency Loans - Syndicated 5,491.21 - - - -
Trade Payables and other liabilities 9,142.60 78.09 13.83 0.07 2.82
Add/(Less): Foreign curency forward
exchange contracts (521.00) - - - -
Net exposure for liabilities 25,114.32 78.09 13.83 0.07 2.82
Net exposure (Assets - Liabilities) (23,331.76) (78.09) (13.83) (0.07) (2.80)

` in Crores
st
As at 31 March, 2020 USD EURO JPY CHF Others
Financial assets
Cash and cash equivalents 40.30 - - - -
Trade receivables and other assets 1,305.88 0.19 - - 0.02
Net exposure for assets 1,346.18 0.19 - - 0.02
Bonds 11,271.29 - - - -
Short term borrowings 7,666.75 - - - -
Add/(Less): Foreign curency forward (503.25) - - - -
exchange contracts
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.
` in Crores
Effect in INR (before tax) Profit or loss
For the year ended 31st March, 2021 Strengthening Weakening
3% movement
USD (699.95) 699.95
(699.95) 699.95
` in Crores
For the year ended 31st March, 2020 Strengthening Weakening
3% movement
USD (1,007.34) 1,007.34
(1,007.34) 1,007.34

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 and 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 As at As at
Reference 31/03/2021 31/03/2020
Fixed-rate instruments
Financial Assets - measured at amortised cost
Investment in debt instruments 8 0.01 0.01
Loan to Subsidiary 9 - 262.40
Loan to Joint Venture 9 1,254.10 1,254.10
Investments in FD & TREP 16 6,289.93 -
Investment in T-Bills 14 499.69 -
Financial Assets - measured at Fair Value through Profit & Loss
Investment in debt instruments 14 5,282.71 5,208.54
Total of Fixed Rate Financial Assets 13,326.44 6,725.05
Financial liabilities - measured at amortised cost
Bonds 25 & 32 11,001.50 11,271.29
OIDB Loans 25 & 32 793.70 1,187.31
Non- Convertible Debentures 25 & 32 4,294.62 2,299.48
Short term borrowings 30 4,232.81 10,054.63
Term Loan 25 34.48 31.76
Total of Fixed Rate Financial Liabilities 20,357.11 24,844.47
Variable-rate instruments
Loan to Subsidiary 9 2,090.00 2,300.00
Loan to Joint Venture 9 15.00
Investment in Mutual Funds 14 1,011.87 -
Total of Variable Rate Financial Assets 3,116.87 2,300.00
Foreign Currency Loans - Syndicated * 25 & 32 5,491.21 8,864.19
Short term borrowings 30 - 7,666.75
Term loans 25 & 32 466.65 500.00
Total of Variable Rate Financial Liabilities 5,957.86 17,030.94
* In respect of Foreign Currency Loans, the Corporation has entered into Interest Rate Swaps of USD 65 Million (Previous
year: USD 75 Million)

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 2021 by ` 46.61 Crores (Previous year: ` 54.48
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 2021 by ` 46.10 Crores (Previous year: ` 55.19 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
st
As at 31 March 2021
Variable-rate loan instruments (14.95) 14.95
Interest on Loan given to Subsidiary 5.23 (5.23)
Cash flow sensitivity (net) (9.72) 9.72
As at 31st March 2020

Interest on Loan given to Subsidiary 5.75 (5.75)
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 2021 is as given below:

Product Gasoil - Gasoline Regrade (Jet Kero - Gasoil)

Unit USD/Bbl USD/Bbl
Mean 5.05 (2.97)
Standard Deviation 4.25 2.76
Max dev: 95% confidence 6.98 4.54
Mean + Max Dev:95% (1.93) 1.56
Avg.Trade Price (2.76) (1.03)
Lots as on 31st March 2021 3.00 24.00
Standard Lot size 50000 BBL 50000 BBL
VAR USD million (0.12) 3.11
Total Portfolio VAR in USD million(without considering 3.11
inter-commodity 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
Effect in INR (before tax) Profit or Loss Other components of Equity
Strengthening Weakening Strengthening Weakening
st
As at 31 March 2021
1% movement
Investment in Oil India - FVOCI - - 3.28 (3.28)
Investment in CIAL - FVOCI - - 0.96 (0.96)
Total - - 4.24 (4.24)
` in Crores
Effect in INR (before tax) Profit or Loss Other components of Equity
st
As at 31 March 2020
1% movement
Total - - 2.88 (2.88)

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 2021
and 31st March 2020.
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 balance sheet Related amounts not offset
reference Gross amounts Gross amounts Net amounts Financial Amounts which Net Amount
set off in the presented in the Instrument can be offset
balance sheet balance sheet
As at 31stMarch 2021
Financial assets
Investment in GOI Bonds, T-Bills & CBLO 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 - - -

Financial assets
Investment in GOI Bonds A - - - 5,208.54 999.98 4,208.56
Trade and other payables B&C 5,408.93 2,085.86 3,323.07 - - -

Notes
A. The Corporation has Triparty Repo Settlement System limits from Clearing Corporation of India Limited, the
borrowings against which was ` 850 Crores as at 31st March 2021 (Previous year : ` 1,000 Crores). The limits are
secured by 7.59% Government Stock 2026 & T-Bills of ` 870 Crores (Previous year : ` 1,220 Crores Secured by
7.59% Government Stock 2026 & 6.90% Oil Marketing Companies GOI Special Bonds 2026).
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, 2021 was 0.48 (Previous year: 1.26).
Note: For the purpose of computing debt to equity ratio, equity includes Equity Share Capital and Other Equity and Debt
includes Long term borrowings, short term borrowings and current maturities of long term 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.
NOTE 62 MICRO, SMALL AND MEDIUM ENTERPRISES (CONSOLIDATED)

To the extent, the Corporation has received intimation from the “suppliers” regarding their status under the Micro, Small
and Medium Enterprises Development Act, 2006. The details regarding Micro and Small Enterprises are provided as under:
` in Crores
31/03/2021 31/03/2020
Principal amount overdue (remaining unpaid) as on 31st March - -
st
Interest due thereon remaining unpaid as on 31 March - -
Payment made during the year after the due date
Principal 14.38 -
Interest - -
st
Interest accrued and remaining unpaid as at 31 March 0.07 0.01

NOTE 63 CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS
` in Crores
31/03/2021 31/03/2020
(a) Contingent Liabilities :
In respect of Income Tax matters 791.88 791.88
Other Matters :
i) Claims against the Corporation not acknowledged as debts * :
Excise and customs matters 234.82 221.20
Service Tax matters 10.40 6.68
Sales tax/GST/VAT/Entry Tax matters 3,480.27 3,362.13
Land Acquisition cases for higher compensation 244.44 126.97
Others 329.25 214.35
* These include ` 1,180.78 Crores (Previous year: ` 1,241.94 Crores) against which the Corporation has a
recourse for recovery and ` 97.57 Crores (Previous year: ` 95.51 Crores) which are on capital account.
ii) Claims on account of wages, bonus / ex-gratia payments in 55.03 29.65
respect of pending court cases
iii) Guarantees (Refer Note Below) 1,156.99 1,156.99
(b) Capital Commitments :
i) Estimated amount of contracts remaining to be executed on 3,545.63 4,918.37
capital account and not provided for
ii) Other Commitments # 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 Limited in
respect of obligations of BGRL under LNG Sales Purchase Agreement (SPA) with Mozambique LNG1 Company
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 of 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 Joint Venture Company for which subscription of shares was
pending as on 31.03.2021.

NOTE 64 RESEARCH AND DEVELOPMENT EXPENDITURE
` in Crores
a) Revenue Expenditure 48.88 50.71
b) Capital Expenditure 37.76 41.47
NOTE 65 REVENUE FROM CONTRACTS WITH CUSTOMERS

Contract balances
` in Crores
31st March 2021 31st March 2020
Contract liabilities 499.36 302.45
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 302.45 201.68
Increases due to cash received, excluding amounts recognised as 250.52 160.46
revenue during the year
Revenue recognised during the year that was included in the contract 53.61 59.69
liability balance at the beginning of the year
At end of the year 499.36 302.45
NOTE 66 ADOPTION OF NEW INCOME TAX REGIME

In pursuance to Section 115BAA of the Income Tax Act, 1961,The Corporation had an irrevocable option of shifting to a
lower corporate income tax rate (22% plus applicable surcharge and cess) as against the earlier rate of 30% plus applicable
surcharge and cess, subject to certain conditions. Considering all the applicable provisions of the Income Tax Act, 1961,
the Corporation has decided to exercise the option of lower corporate income tax rate from FY 2020-21.
Accordingly, the Corporation has recognized Provision for Income Tax for the year ended 31st March 2021 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 Deferred Tax due to this change is ` 1,870.26 Crores of which ` (55.51) Crores has been accounted in
Other Comprehensive Income. The MAT credit balance as on 01st April 2020 amounting to ` 723.10 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.

NOTE 67 VIVAD SE VISHWAS SCHEME
During the year FY 2020-21, Corporation has reversed ` 2.40 Crores tax liabilities based on the approved applications
made under Vivad Se Vishwas Scheme whereas during FY 2019-20, Corporation has recognized tax liabilities under
“Short/(Excess) provision of the earlier years” in respect of all the eligible Income Tax disputes under the Scheme
amounting to ` 219.96 Crores. The settlement of the Scheme is likely to be completed in the FY 2021-22.
NOTE 68
(I) Numaligarh Refinery Limited (NRL)
The Corporation has sold its entire shareholding in NRL i.e. 45,35,45,998 equity shares of ` 10/- each (constituting
61.65% of the total equity capital of NRL) 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 have been sold to a consortium of Oil India Limited and Engineers India Limited; and to
Government of Assam at 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 which has been
shown as an Exceptional Item in the Statement of Profit and Loss.
(II) Bharat Gas Resource Limited (BGRL)
During FY 2020-21, the Board has decided to merge the wholly owned subsidiary BGRL with the Corporation and
not pursue transfer of Assets and Liabilities of Gas business to BGRL. Accordingly, the carrying amount of assets
and liabilities pertaining to the Gas business which were classified as Disposal Group and presented seperately as
on 31st March 2020, are no longer required to be classified and presented seperately as on 31stMarch 2021.
The Proposed Merger of BGRL with the Corporation is in process as on 31st March 2021 and will be completed after
obtaining approval from respective authorities.
(III) Bharat Oman Refineries Limited (BORL)
The Corporation holds 63.38% of Equity Shares in the Joint Venture Company BORL. Corporation has finalized
commercial terms and has entered into 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 31st March 2021, regarding the purchase of the
88,86,13,336 equity shares of BORL, constituting 36.62% of the equity share capital, for a consideration of around
` 2,399.26 Crores. Pending closure of the transaction as per the SPA which is expected to be completed in
FY 2021-22, BORL continues to be treated as a Joint Venture as on 31st March 2021.
NOTE 69 EXCEPTIONAL ITEMS - EXPENSES / (INCOME)

` in Crores
Employee Share Based Expenses (Refer Note No. 55) 940.72 -
Impairment of Investment in Subsidiary (Refer Note No. 56) 2,032.79 -
Gain on sale of Investment in Subsidiary (Refer Note No. 68) (9,422.42) -
Write down of Inventory *
- Raw Material - 54.97
- Finished Goods, Stock-in-trade & Work-in-progress - 1,025.86
Exceptional Items Expenses / (Income) (6,448.91) 1,080.83

* During FY 2019-20, due to outbreak of COVID-19 globally and resultant lockdown in many countries including India,
there had been significant volatility and sharp reduction in the prices of Crude Oil and Petroleum Products, which has
resulted in significant write-down of Inventories to Net Realisable Value (NRV).
NOTE 70
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 shareholding in BPCL excluding BPCL’s
shareholding in Numaligarh Refinery Ltd. The transaction of Strategic disinvestment of Government of India's
shareholding in the Corporation is in process.
NOTE 71
COVID-19 pandemic, globally and in India, is causing significant disturbance in economic and business activities.
Management has assessed the potential impact of COVID-19 based on the current circumstances and expects no
significant impact on the continuity of operations of the business on long term basis/ on useful life of the assets/ on
financial position etc.
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/-
Sd/- Sd/- Sd/- Sd/-
Place : Mumabi

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, 2021, 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, 2021, the consolidated Profit/(Loss),
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
Emphasis of Matter
4. We draw attention to the following matters in relation to the Consolidated Ind AS Financial Statements:
We draw attention to Note 67 in the Consolidated Ind AS Financial Statements, regarding the impact of Covid 19
pandemic and assessment made by the Management of its outcome on the Corporation’s business and financial
activities. This assessment and the outcome of the pandemic is as made by the Management and dependent on future
circumstances.
I. The auditors of Bharat PetroResources Limited (hereinafter referred to as Company/BPRL) have stated following
under Emphasis of Matter in their Report on the Consolidated Financial Statements of the said company:
. About the incorporation of details of the Company’s share in Assets, Liabilities, Income and Expenses in the
unincorporated joint operations of joint ventures based on the audited/unaudited statements received from the
respective Operators as under:

a) Out of fifteen Indian Blocks held, seven blocks are operated by the Company (including four blocks
relinquished during the year). Out of the remaining eight blocks one block has been relinquished and one
block has been proposed for relinquishment;
b) For the remaining six blocks, audited statements have been received for one block. For the remaining five
blocks, audited statements have not been received by the Company; hence, operator management certified
figures have been considered. The total Assets & Liabilities as on 31st March 2021 and Income & Expenses
for FY 2020-21 in respect of the said five blocks amount to ` 512.69 Crores, ` 13.30 Crores, ` 71.92 Crores
and ` 17.93 Crores respectively;
c) In case of two foreign blocks i.e. EP 413 and Block 32, the operator is not required to submit annual audited
statements; hence, unaudited statements as received by the Company have been considered. Total Assets,
Liabilities, Income and Expenses in respect of these blocks which has been incorporated in the books of the
Company amount to ` 110.12 Crores, ` 1.20 Crores, ` NIL and ` 0.16 Crores respectively. Block 32 was
relinquished during the year;
d) The audited/unaudited statements referred above are prepared, as stated there in, to meet requirements of
production sharing contracts and are special purpose statement;
e) None of the statements, audited as well as unaudited, are drawn up in the format prescribed under Schedule
III to the Act, as provisions of the Companies Act 2013 are not applicable to unincorporated joint operations;
f) Some of the Operators use accounting policies other than those adopted by the Company for like
transactions. The Company has made appropriate adjustments while incorporating relevant data; and
g) The Company’s proportionate share in jointly controlled assets, liabilities for which the Company is jointly
responsible, 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 Company.
ii. We draw attention to Note No.56 on “Impairment of Assets” regarding recognition of loss during the year due to
impairment of blocks held by the Company amounting to ` 266.86 Crores.
iii. We draw attention to Note No. 1.1 (iv) on “Equity accounted Investees” regarding consolidation of the financial
statements of IBV Brasil Petroleo Ltda as a Joint Venture by BPRL Ventures BV as on 31st March 2021.
iv. We draw attention to point no (O) of “additional information in respect of Note Nos 2 to 6” pertaining to Property,
Plant and Equipment to the Consolidated Ind AS Financial Statements regarding declaration of force majeure at
Afungi site by the operator due to evolution of security situation in Mozambique.
Our opinion is not modified in respect of above matters.
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.

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 this regard:
Subsidiaries, Joint Ventures & Associates
• We evaluated the design and implementation of key
holds participating interest in various oil/ gas
controls in relation to the annual impairment testing
blocks for exploration & evaluation,
activity carried out by the Group for its investments in
development and production activities (E&P).
E&P Assets.
The Group’s realisation from these E&P
• We reviewed the audited Consolidated Ind AS Financial
investments is dependent on the continued
Statements of BPRL for FY 2020-21 and the
successful operations/ development of
Independent Auditor’s Report thereon to ascertain if
reserves resulting in expected earnings and
there are any signs of permanent diminution in the
revenue growth of the respective companies.
Corporation’s investments therein.
The continuing COVID-19 pandemic may have
impact on global economy and consequently
on crude prices. Further, during FY 2020-21,
the Group has relinquished or impaired certain
oil and gas blocks on account of changes in
circumstances and prospects of the blocks.
The above factors have impacted the Value in
use of the Group’s E&P assets.
2. Computation of Expected Credit Loss (ECL):
Trade receivables and loans granted under the Our audit approach consisted testing of the design and
Pradhan Mantri Ujwala Yojana (PMUY) operating effectiveness of the internal controls and
scheme constitute a significant component of substantive testing as follows:
the total current assets of the Corporation.
• In respect of loans granted under PMUY, the
At each reporting date, the Corporation Corporation along with other few industry peers have
recognizes Lifetime ECL on Trade Receivables derived a common methodology for calculating ECL,
using a ‘simplified approach’ and 12 month based on the broad category of active and inactive
ECL on loans granted under the PMUY consumers and last refill date with expected loan
scheme, which rely on Management’s recovery period. We checked the working of the same
estimates regarding probability of default rates and it was in line with the common methodology
linked to age-wise bucketing of the document shared with us.
corresponding asset. The continuing COVID
• We have evaluated the methodology for age-wise
19 pandemic may also have an impact, direct
bucketing of trade receivables and key assumptions
or indirect, on the Management’s estimate of
underlying the probability of default estimates on the
probability of default as on March 31, 2021.
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 this
including matters under dispute which regard:
involves significant judgment to determine the
• We examined sample items above the threshold limit for
possible outcome of these disputes.
determination of contingent liabilities and obtained
Contingent liabilities are not recognized in the
details of completed Excise, VAT/ Sales Tax/ Entry Tax
Consolidated Ind AS Financial Statements but
assessments, demands as well as other disputed claims
are disclosed unless the possibility of an
against the Corporation as on March 31, 2021. The
outflow of economic resources is considered
Corporation has obtained opinion from tax consultants
remote. Contingent liabilities disclosed are in
in various disputed matters. We have relied upon such
respect of items which in each case are above
opinions and litigation history where the Corporation
the threshold limit.
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 combination of
significant area requiring Management’s test of control design and substantive testing in respect of
judgment of estimates and application of verification and valuation of inventories:
accounting policies that have significant effect • We evaluated the Corporation’s system of inventory
on the amounts recognized in the Consolidated monitoring and control. It was observed that inventory
Ind AS Financial Statements. 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.

5. Property, Plant & Equipment:
Estimates of useful lives and residual value of Our audit approach involved the following combination of
Property, Plant and Equipment is a significant test of control design and substantive testing in respect of
area requiring Management judgment of verification and recording of Property, Plant & Equipment:
estimates and application of accounting
• We examined whether the Corporation has maintained
policies that have significant effect on the
proper records showing full particulars, including
amounts recognized in the Consolidated Ind
quantitative details and 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 tested the computation of
depreciation on sample basis.
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
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 Consolidated Ind AS Financial Statements and our audit report thereon.
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 two subsidiaries, whose financial statements /financial information reflect
total assets of ` 25,275.45 Crores and net assets of ` 2,253.29 Crores as at 31st March 2021, total revenues of
` 263.75 Crores, net loss of ` 1,882.95 Crores and net cash inflows amounting to ` 485.63 Crores for the year ended
on that date, as considered in the Consolidated Ind AS Financial Statements. We did not audit the financial statements
of one Company which was a subsidiary of the Corporation up to 25th March 2021, whose financial statements/
financial information reflect total revenues of ` 18,174.64 Crores and net Profit of ` 3,048.13 Crores for the period
ended 25th March 2021, as considered in the Consolidated Ind AS Financial Statements. The Consolidated Ind AS
Financial Statements also include the Group’s share of net loss of ` 62.02 Crores for the year ended March 31, 2021,
as considered in the Consolidated Ind AS Financial Statements, in respect of nine joint ventures and one 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 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 ` 750.83 Crores for the year
ended 31st March, 2021 in respect of five joint ventures and six 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.
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
15. 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.
16. 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.
17. 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.
18. 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.
19. 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.
20. 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
21. 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.
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, 2021 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,
2021 on consolidated financial position of the Group, Joint Ventures and Associates- (Refer Note 62 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, 2021.
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.

Sd/- Sd/-
Partner Partner
UDIN: 21032156AAAAAT9756 UDIN: 21100938AAAAAX7359
Place: Mumbai
Date: 26th May 2021

ANNEXURE A TO INDEPENDENT AUDITORS’ REPORT
[Referred to in paragraph 21(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, 2021]
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, 2021, 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, 2021, 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.

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Partner Partner
UDIN: 21032156AAAAAT9756 UDIN: 21100938AAAAAX7359
Place: Mumbai
Date: 26th May 2021

CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH 2021
` in Crores
Particulars Note No. As at 31/03/2021 As at 31/03/2020
I) ASSETS
(1) Non-current assets
(a) Property, Plant and Equipment 2 63,588.84 59,761.10
(b) Capital Work-in-Progress 3 7,645.42 9,948.51
(c) Investment Property 4 0.05 32.87
(d) Intangible Assets 5 509.42 380.60
(e) Intangible Assets under development 6 9,494.65 7,808.23
(f) Investments accounted for using Equity method 7 19,549.64 21,532.11
(g) Financial Assets
(i) Investments 8 423.82 287.86
(ii) Loans 9 5,312.00 4,987.27
(iii) Other Financial Assets 10 47.91 19.09
(h) Income Tax Assets (Net) 11 1,158.07 1,381.25
(i) Deferred Tax Assets (Net) 28 3.53 3.58
(j) Other Non-Current Assets 12 1,276.19 1,469.34
Total Non-Current Assets 1,09,009.54 1,07,611.81
(2) Current Assets
(a) Inventories 13 26,706.02 22,242.60
(b) Financial Assets
(i) Investments 14 6,794.27 5,208.54
(ii) Trade Receivables 15 7,834.77 5,378.02
(iii) Cash and Cash Equivalents 16 7,567.57 799.63
(iv) Bank Balances other than Cash and Cash Equivalents 17 542.54 365.21
(v) Loans 18 138.06 704.86
(vi) Other Financial Assets 19 594.39 6,741.61
(c) Current Tax Assets (Net) 20 535.21 137.09
(d) Other Current Assets 21 1,248.16 1,653.12
51,960.99 43,230.68
Assets held-for-sale 22 21.50 21.07
Total Current Assets 51,982.49 43,251.75
TOTAL ASSETS 1,60,992.03 1,50,863.56
II) EQUITY AND LIABILITIES
1 Equity
(a) Equity Share Capital 23 2,092.91 1,966.88
(b) Other Equity 24 51,462.17 34,565.45
Equity Attributable to Owners 53,555.08 36,532.33
Non Controlling Interests - 2,056.33
Total Equity 53,555.08 38,588.66
2 Liabilities
(1) Non-Current Liabilities
(i) Borrowings 25 35,740.22 38,043.89
(ii) Lease Liabilities 25a 7,615.03 5,809.18
(iii) Other Financial Liabilities 26 58.00 58.69
(b) Provisions 27 1,608.89 1,595.99
(c) Deferred Tax Liabilities (Net) 28 4,934.48 6,163.92
(d) Other Non-Current Liabilities 29 549.95 381.72
Total Non-Current Liabilities 50,506.57 52,053.39
(2) Current Liabilities
(i) Borrowings 30 4,232.81 17,795.15
(ii) Trade Payables 31
a. Total Outstanding dues of Micro Enterprises and Small Enterprises 147.84 123.32
b. Total Outstanding dues of Creditors other than Micro Enterprises and Small Enterprises 16,114.83 12,984.37
(iii) Other Financial Liabilities 32 26,878.04 23,193.22
(b) Other Current Liabilities 33 6,780.92 4,053.21
(c) Provisions 34 1,950.28 2,039.39
(d) Current Tax Liabilities (Net) 35 825.66 32.85
Total Current Liabilities 56,930.38 60,221.51
Total Liabilities 1,07,436.95 1,12,274.90
TOTAL EQUITY AND LIABILITIES 1,60,992.03 1,50,863.56
Notes forming part of Financial Statements 44 to 70
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CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH 2021
` in Crores
Particulars Note No 2020-21 2019-20
Income
I) Revenue from Operations 36 3,04,266.28 3,29,797.16
II) Other Income 37 2,253.04 1,929.33
III) Total Income (I + II) 3,06,519.32 3,31,726.49
IV) Expenses
Cost of Raw Materials Consumed 38 78,778.04 1,21,964.79
Purchases of Stock-in-Trade 39 1,12,364.28 1,31,700.41
Changes in Inventories of Finished Goods, Stock-in-trade and Work-in-Progress 40 (3,743.56) (1,073.07)
Excise Duty Expense 74,103.65 45,225.26
Employee Benefits Expense 41 4,856.35 4,020.51
Finance Costs 42 1,723.41 2,637.01
Depreciation and Amortization Expense 2,4,5 4,334.21 4,080.09
Other Expenses 43 16,611.15 19,028.14
Total Expenses (IV) 2,89,027.53 3,27,583.14
V) Profit from Continuing Operations before Share of Profit of Equity 17,491.79 4,143.35
Accounted Investees, Exceptional Items and Income Tax (III - IV)
VI) Share of Profit of Equity Accounted Investees (Net of Income Tax) (325.53) 1,400.67
VII) Exceptional Items (Expense/(Income)) 69 (5,265.76) 1,892.45
VIII) Profit from Continuing Operations before Income Tax (V + VI-VII) 22,432.02 3,651.57
IX) Tax Expense 28
1) Current Tax 6,165.29 629.96
2) Deferred Tax 82.17 (14.49)
3) Short / (Excess) provision of earlier years (1,135.27) (629.68)
Total Tax Expense 5,112.19 (14.21)
X) Profit for the Year ( VIII-IX) 17,319.83 3,665.78
XI) Other Comprehensive Income (OCI) (1,274.60) 587.84
(i) Items that will not be reclassified to Profit or Loss
(a) Remeasurements of Defined Benefit Plans 0.52 (326.29)
(b) Equity Instruments through Other Comprehensive Income- net change in fair value 135.96 (322.27)
( c) Equity Accounted Investees - share of OCI 0.69 (2.51)
(ii) Income Tax related to items that will not be reclassified to Profit or Loss (55.68) 119.28
(iii) Items that will be reclassified to Profit or Loss
(a) Exchange differences in translating Financial Statements of foreign operations 0.59 348.88
(b) Equity accounted Investees - share of OCI (1,356.68) 770.75
XII) Total Comprehensive Income for the Year (X+XI) 16,045.23 4,253.62
Profit attributable to:
Owners of the Company 16,164.98 3,055.36
Non-Controlling Interests 1,154.85 610.42
Profit for the Year 17,319.83 3,665.78
Other Comprehensive Income attributable to :
Owners of the Company (1,279.36) 599.84
Non-Controlling Interests 4.76 (12.00)
Other Comprehensive Income for the Year (1,274.60) 587.84
Total Comprehensive Income attributable to :
Owners of the Company 14,885.62 3,655.20
Non-Controlling Interests 1,159.61 598.42
Total Comprehensive Income for the Year 16,045.23 4,253.62
XIII) Basic Earnings Per Equity Share (Face value `10) 54 81.87 15.53
XIV) Diluted Earnings Per Equity share (Face value `10) 54 81.60 15.53
Notes forming part of Financial Statements 44 to 70
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CONSOLIDATED STATEMENT OF CASH FLOWS
` in Crores
A Net Cash Flow from Operating Activities
Net Profit Before Tax (After Exceptional Items) 22,432.02 3,651.57
Adjustments for :
Share of (Profit) / Loss from Equity Accounted Investees 325.53 (1,400.67)
Depreciation 4,334.21 4,080.09
Finance Costs 1,723.41 2,637.01
Foreign Exchange Fluctuations (131.74) 1,027.94
(Profit) / Loss on Sale of Property, Plant and Equipment 22.03 44.09
(Profit) / Loss on Sale of Stake in Numaligarh Refinery Limited (Equity) (6,473.35) -
(Profit) / Loss on Sale of Investments (11.34) (36.20)
Income from Investments (1,085.19) (1,059.72)
Dividend Received (17.19) (44.55)
Expenditure towards Corporate Social Responsibility 163.23 286.59
Share Options Outstanding Account 940.72 -
Other Non-Cash items * 1,356.67 1,611.70
Operating Profit before Working Capital Changes 23,579.01 10,797.85
(Invested in)/Generated from :
Inventories (6,367.01) (388.56)
Trade Receivables (2,588.98) 2,348.71
Other Receivables 6,048.44 1,938.00
Current Liabilities & Payables 6,686.77 (4,590.17)
Cash generated from Operations 27,358.23 10,105.83
Direct Taxes Paid (3,662.72) (1,827.32)
Paid for Corporate Social Responsibility (141.70) (397.50)
Net Cash from / (used in) Operating Activities 23,553.81 7,881.01
B Net Cash Flow from Investing Activities
Purchase of Property, Plant and Equipment / Intangible Assets (9,205.92) (12,196.96)
Sale of Property, Plant and Equipment 55.37 27.33
Capital Advance 27.99 70.64
Investment in Equity Accounted Investee (1,478.69) (1,627.17)
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 (9,102.01) (39,104.30)
Sale of Investments 6,899.45 40,312.91
Interest Received 969.78 1,041.68
Dividend Received 1,555.34 340.76
Net Cash from / (used in) Investing Activities (2,572.71) (11,135.11)

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTD.)
` in Crores
C Net Cash Flow from Financing Activities
Proceeds from sale of equity shares held by “BPCL Trust for Investment in Shares” 5,519.53 -
Repayment of Lease Liability (663.88) (611.87)
Short Term Borrowings (Net) (13,325.19) 8,891.48
Long Term Borrowings 4,996.06 9,547.44
Repayment of Loans (3,661.13) (6,023.38)
Interest Paid (1,922.02) (1,702.68)
Dividend Paid # (4,924.27) (5,326.62)
Dividend Distribution Tax - (1,191.16)
Net Cash from / (used in) Financing Activities (13,980.90) 3,583.21
D Net Increase / (Decrease) in Cash and Cash Equivalents (A+B+C) 7,000.20 329.11

Cash at Bank 323.07 179.08
Demand deposits with Banks with original maturity of less than three months 464.34 177.20
528.96 199.85

Cash at Bank 346.20 323.07
Demand deposits with Banks with original maturity of less than three months 7,047.78 464.34
Investment in Triparty Repo Rate Settlement System 149.93 -
7,529.16 528.96
Net Increase / (Decrease) in Cash and Cash Equivalents 7,000.20 329.11
* Includes FCMITDA Amortisation loss of NIL (Previous period Loss - ` 80.96 Crores)
# 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.

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTD.)
Disclosure to changes in liabilities arising from Financial Activities

` in Crores
As on 31st March, 2019 8,384.55 36,240.15 44,624.70
Cash flows 8,891.48 3,547.95 12,439.43
Non cash changes
a) Foreign exchange movement 248.44 1,892.79 2,141.23
b) Recognition of deferred income and
its amortisation - 2.49 2.49
c) Fair value changes - 5,961.07 5,961.07
d) Others changes - 35.94 35.94
As on 31st March, 2020 17,524.47 47,680.39 65,204.86
` in Crores
As on 31st March, 2020 17,524.47 47,680.39 65,204.86
Cash flows (13,325.19) 1,334.93 (11,990.26)
Non cash changes
a) Foreign exchange movement (4.88) (637.58) (642.46)
its amortisation
Ind AS 116
e) Derecognition on account of sale of - (8.32) (8.32)
investment in susidiary
As on 31st March, 2021 4,194.40 50,299.05 54,493.45
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 Numligarh Refinery Limited has ceased to be part of the Group w.e.f 26th March 2021. Accordingly, financial
statements of NRL has been consolidated till 25th March, 2021.
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” include excess provisions written back, diminution in value of investment, reversal of
excess capitalisation, amortisation of deferred expenditure and capital grant, Bad debts and materials written off, write
down of inventories, remeasurement of PMUY loans and other deposits and miscellaneous adjustments not affecting
Cash Flow.
6 Figures of the previous year have been regrouped wherever necessary, to conform to current period presentation.
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304
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31ST MARCH 2021
` in Crores
(a) Equity Share Capital As at 31-03-2021 As at 31-03-2020
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
Add: Issue of Bonus Shares (Refer Note 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 (3,29,60,307) (32.96) (20,23,72,422) (202.37)
Shares” (Refer Note 46)
Less: Adjustment for Shares held by “BPCL ESPS Trust” (Refer Note 46) (4,33,79,025) (43.38) - -
Balance at the end of the reporting period after Adjustment 2,09,29,13,412 2,092.91 1,96,68,80,322 1,966.88
` in Crores

Reserves & Surplus Equity BPCL Total Attributable Total other
Capital Capital Securities Debenture General Retained Foreign Currency Foreign Instruments Trust for attributable to NCI^ equity
Reserve Reserve on Premium Redemption Reserve Earnings Monetary Item Currency through Other Investment to Owners
[Note 24] Acquisition of Reserve Reserve [Note 24] [Note 24] * Translation Translation Comprehensive in Shares of the
(b) Other Equity subsidiaries, [Note 24] [Note 24] Difference Account Reserve Income [Note Corporation
JVCs and (FCMITDA) [Note 24] [Note 24] 24]
associates [Note 24]
[Note 24]
Balance at 01st April 2019 72.99 (31.00) 249.79 1,179.31 31,395.55 4,033.06 (29.34) 368.81 15.41 (456.74) 36,797.84 2,070.04 38,867.88
Opening Balance adjustment 0.06 - - - - (11.35) - - - - (11.29) - (11.29)
Opening Balance after the above effect 73.05 (31.00) 249.79 1,179.31 31,395.55 4,021.71 (29.34) 368.81 15.41 (456.74) 36,786.55 2,070.04 38,856.59
Profit for the year - - - - - 3,055.36 - - - - 3,055.36 610.42 3,665.78
Other Comprehensive Income for the year - - - - - (206.86) - 1,119.63 (312.93) - 599.84 (12.00) 587.84
Dividends - - - - - (5,314.67) - - - - (5,314.67) (507.75) (5,822.42)
Dividend to “BPCL Trust for Investment in - - - - - 495.81 - - - - 495.81 - 495.81
Shares” (Refer Note No. 46)
Dividend Distribution Tax on Dividends - - - - - (1,091.23) - - - - (1,091.23) (104.38) (1,195.61)
Transfer to Debenture Redemption reserve - - - 293.21 - (293.21) - - - - - - -
Add/Less: Dividend Distribution tax pertaining - - - - - 4.45 - - - - 4.45 - 4.45
to previous years
Transfer to General Reserve - - - - 1,024.20 (1,024.20) - - - - - - -
Transfer from Debenture Redemption Reserve - - - (377.40) 377.40 - - - - - - - -
Additions/(deletions) during the year-FCMITDA - - - - - - (51.62) - - - (51.62) - (51.62)
Amortisation during the year - FCMITDA - - - - - - 80.96 - - - 80.96 - 80.96
Balance at 31st March 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
ST
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2021 (CONTD.)
` in Crores
Reserves & Surplus Equity BPCL BPCL Total Attributable Total other
Capital Capital Securities Share Debenture General Retained Foreign Instruments ESPS Trust Trust for attributable to NCI^ equity
Reserve Reserve on Premium Options Redemption Reserve Earnings Currency through Other [Note 24] Investment to Owners
[Note Acquisition of Reserve Outstanding Reserve [Note 24] [Note 24] * Translation Comprehensive in Shares of the
(b) Other Equity 24] subsidiaries, [Note 24] Account [Note 24] Reserve Income [Note 24] Corporation
JVCs and [Note 24] [Note 24] [Note 24]
associates
[Note 24]
Balance at 1st 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" - - - - - - - - - (97.90) 97.90 - - -
(Refer Note 46)
Issue of Equity Shares out of shares held in - - 5,101.31 - - - - - - - 284.45 5,385.76 - 5,385.76
"BPCL Trust for Investment in Shares"
(Refer Note 46)
Dividends - - - - - - (4,555.43) - - - - (4,555.43) (1,057.93) (5,613.36)
Income from "BPCL Trust for Investment in - - - - - - 270.87 - - - - 270.87 - 270.87
Shares" (Refer Note 46)
Transfer to Debenture Redemption reserve - - - - 188.48 - (188.48) - - - - - - -
Foreign Currency Translation Reserve - - - - - - - - (4.19) - - - (4.19) - (4.19)
Reclassification to Statement of profit and loss
Transfers on account of sale of stake in - - - - - (3,128.00) 3,128.00 - - - - - - -
Subsidiary (Refer Note 68(i))
Transfer to Statement of Profit and Loss on - (66.45) - - - - - - - - - (66.45) - (66.45)
sale of stake in subsidiary (Refer Note 68(I)
Income of "BPCL ESPS Trust" (Refer Note 46) - - - - - - 52.16 - - - - 52.16 - 52.16
De-Recognition of NCI due to sale of stake in - - - - - - - - - - - - (2,158.01) (2,158.01)
Subsidiary (Refer Note 68(I)
Employee Stock option Granted - - - 940.72 - - - - - - - 940.72 - 940.72
(Refer Note 55)
Transfer to General Reserve from Share - - - (84.23) - 84.23 - - - - - - - -
Options Outstanding Account
Balance 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
* The balance includes accumulated Gain/(loss) on account of Remeasurements of defined benefit plans (Net of tax) as on 31st March 2021 ` (510.19) Crores [Previous year ` (442.62) Crores] for the Corporation
^ Includes share capital attributable to Non-Controlling Interest as on 31st March 2021 NIL (Previous year ` 282.08 Crores)
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Place : Mumbai
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31st MARCH 2021
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 2021, except for Matrix Bharat Pte. Ltd. whose accounts are drawn for the year ended 31st December
2020, where there are no significant transactions or other events that have occurred between 1st January 2021 and
31st March 2021.
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 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 26th May 2021.
The percentage of ownership interest of the Corporation in the Subsidiary Companies, JVCs and Associates as on
31st March 2021 are as under:
Percentage (%) of actual
Country of
. No. Particulars
Sr. ownership interest as on
Incorporation
31/03/2021 31/03/2020
A Subsidiaries
1 Numaligarh Refinery Limited (NRL) (Note i) India - 61.65
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

Percentage (%) of actual
Particulars Country of ownership interest as on
Sr.
. No.
Incorporation
31/03/2021 31/03/2020
10 BPRL International Ventures BV (Note iii) Netherlands 100.00 100.00
B Joint Venture Companies
1 Bharat Oman Refineries Limited (Note xvi) India 63.38 63.38
2 Central UP Gas Limited India 25.00 25.00
3 Maharashtra Natural Gas Limited India 22.50 22.50
4 Sabarmati Gas Limited India 49.94 49.94
5 Bharat Stars Services Private Limited India 50.00 50.00
6 Bharat Renewable Energy Limited (Note v) India 33.33 33.33
7 Matrix Bharat Pte. Ltd. Singapore 50.00 50.00
8 Delhi Aviation Fuel Facility Pvt. Limited India 37.00 37.00
9 IBV (Brasil) Petroleo Ltda. (Note iv) Brazil 50.00 50.00
10 Mumbai Aviation Fuel Farm Facility Private Limited India 25.00 25.00
11 Kochi Salem Pipeline Private Limited India 50.00 50.00
12 BPCL-KIAL Fuel Farm Private Limited India 74.00 74.00
13 Haridwar Natural Gas Pvt Ltd. India 50.00 50.00
14 Goa Natural Gas Private Limited India 50.00 50.00
15 DNP Limited (Note vi) India - 26.00
16 Taas India Pte Ltd. (Note vii) Singapore 33.00 33.00
17 Vankor India Pte Ltd. (Note vii) Singapore 33.00 33.00
18 Falcon Oil & Gas BV (Note xi) Netherlands 30.00 30.00
19 Ratnagiri Refinery & Petrochemicals Ltd. India 25.00 25.00
20 LLC TYNGD (Note viii) Russia 9.87 9.87
21 Urja Bharat Pte. Ltd. (Note xii) Singapore 50.00 50.00
22 Assam Bio Refinery (P) Ltd. (Note vi) India - 50.00
23 Indradhanush Gas Grid Ltd. (Note vi) India - 20.00
24 IHB Private Limited India 25.00 25.00
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 xiii) India 16.00 16.00
7 Petronet CI Limited (Note v) India 11.00 11.00
8 FINO Paytech Limited India 20.73 20.73
9 Brahmaputra Cracker and Polymer Limited (Note vi) India - 10.00
10 Mozambique LNG 1 Company Pte Ltd (Note xiv) Singapore 10.00 10.00
11 Mozambique LNG1 Holding Co. Ltd (Note ix) UAE 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 -
14 JSC Vankorneft (Note x) Russia 7.89 7.89
Ø 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. 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.
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. BPRL Ventures BV holds 50% equity in Joint Venture Company IBV (Brasil) Petroleo Ltda., incorporated in Brazil.
During FY 2020-21, Pursuant to exercise of its right to cure partners default in IBV Brasil Petroleo Ltda, BPRL
Ventures BV has infused an amount of USD 93.30 Million upto 31st March 2021 (Previous year: USD 53.98 Million)
in IBV resulting in a temporary increase in its paid-up capital in IBV to 59.86% (Previous year: 55.13%). Given the
temporary nature of increase in paid-up capital, IBV has been consolidated as Joint Venture by BPRL Ventures BV
as on 31st March 2021 and 31st March 2020.
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. 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.
vii. Taas India Pte Ltd. and Vankor India Pte Ltd., are joint venture companies of BPRL International Singapore Pte Ltd.
viii. LLC TYNGD is a Joint Venture of Taas India Pte Ltd.
ix. Mozambique LNG1 Holding Company Ltd is an associate of BPRL Ventures Mozambique BV.
x. JSC Vankorneft is an associate of Vankor India Pte Ltd.
xi. Falcon Oil & Gas BV is a joint venture of BPRL International Ventures BV.
xii. Urja Bharat Pte Ltd. is a joint venture of BPRL International Singapore Pte. Ltd.
xiii. Petronet India Limited has gone under winding up. Consolidation has been done based on the declaration of
solvency by the management of company.
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. During FY 2019-20, Petroleum India International has been dissolved.
xvi. In addition to the ownership interest, BPCL has made an investment in Compulsorily Convertible Debentures and
Warrants in Bharat Oman Refinery Limited.
The financial statements of Indraprastha Gas Limited, Petronet LNG Limited, Maharashtra Natural Gas Limited,
Sabarmati Gas Limited, Bharat Star Service Private Limited, Kannur International Airport Limited, GSPL India
Gasnet Limited, GSPL India Transco Limited, Haridwar Natural Gas Private Limited, Central UP Gas Limited and
FINO Paytech 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.
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
impairment losses, if any.
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.
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 when 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
over a useful life of 15 years based on the technical assessment.
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
over a useful life of 15 years based on the technical assessment.
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 (Previous Year upto 5% of the original cost of
catalyst) 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 earlier 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 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 impairment losses, if any.

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
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 Consolidated Statement of Profit
and Loss.
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 to sell (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 to sell.
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
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. In case of NRL, threshold of 3 years is
being used.
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.
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 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.
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.
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.
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 Consolidated
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.
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 either 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.
1.33. 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, Plant and Equipment 1.4.5 ` 1,000
charged to revenue in each case
Capitalisation of spare parts meeting the definition of Property, Plant 1.4.6 ` Lakhs 10
and Equipment in each case (Note 2)
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 intangible assets 1.6.6 ` Lakhs 50
in each case
Income / expenditure (net) in aggregate pertaining to prior year(s) 1.14.1 ` Crores Note 1
Prepaid expenses in each case (Note 2) 1.14.2 ` Lakhs 5
Disclosure of Contingent liabilities and Capital Commitments in each case 1.18.6 ` Lakhs 5
Note:
1. BPCL: ` 150 Crores; NRL: ` 10 Crores; BGRL: ` 50 Crores; BPRL: ` 150 Crores
2. BGRL: ` 1 Lakh

328
NOTE 2 PROPERTY, PLANT AND EQUIPMENT (CONSOLIDATED)
` in Crores
As at Ind Additions Other Reclassifications As at Up to Ind AS 116 For the Reclassifications Up to As at As at
01/04/2020 AS 116 Adjustments / Deductions 31/03/2021 31/03/2020 Transition Year / Deductions 31/03/2021 31/03/2021 31/03/2020
Particulars
Disposal Disposal
Freehold Land * 2,145.41 - 32.18 - 50.96 2,126.63 - - - - - 2,126.63 2,145.41
Buildings including 9,367.17 - 1,087.14 - 762.15 9,692.16 1,846.43 - 479.72 141.08 2,185.07 7,507.09 7,520.74
Roads *
Plant And Equipments * 29,833.21 - 3,875.69 (187.44) 3,466.60 30,054.86 6,499.70 - 1,955.71 1,114.65 7,340.76 22,714.10 23,333.51

Furniture And Fixtures * 935.55 - 134.01 - 46.69 1,022.87 329.97 - 99.53 30.22 399.28 623.59 605.58
Vehicles * 92.72 - 5.58 - 20.03 78.27 33.79 - 10.74 8.25 36.28 41.99 58.93
Office Equipments * 1,165.75 - 271.15 - 94.77 1,342.13 630.35 - 174.85 54.84 750.36 591.77 535.40
Railway Sidings * 237.39 - 95.68 - 24.77 308.30 83.30 - 18.13 16.68 84.75 223.55 154.09
Tanks and Pipelines * 10,609.45 - 2,758.12 - 22.70 13,344.87 1,477.59 - 446.38 5.04 1,918.93 11,425.94 9,131.86
Dispensing Pumps 3,065.97 - 382.91 - 72.63 3,376.25 821.57 - 192.89 36.36 978.10 2,398.15 2,244.40
LPG Cylinders And 8,684.05 - 693.73 - 0.24 9,377.54 1,523.46 - 498.08 0.08 2,021.46 7,356.08 7,160.59
Allied Equipments
Right of Use Assets * 7,252.45 - 2,231.83 - 108.12 9,376.16 381.86 - 424.93 10.58 796.21 8,579.95 6,870.59
(Refer Note no. 50)
Total 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 59,761.10
Previous year 58,921.40 6,319.48 8,113.47 619.09 584.32 73,389.12 9,950.36 (0.03) 4,022.82 345.13 13,628.02 59,761.10 -
* These include assets which are given on Operating Leases, the details thereof are included in Note 50
NOTE 3 CAPITAL WORK-IN-PROGRESS (CONSOLIDATED)
` in Crores
31/03/2021 31/03/2020
Capital work-in-progress
Property, plant and equipment under erection / construction 6,527.34 8,473.23
Capital stores including lying with contractors 639.87 920.70
Capital goods in transit 0.33 3.25
Allocation of Construction period expenses 2020-21 2019-20

Add: Expenditure during the year
Establishment charges including Employee 178.76 156.12
Benefit expenses
Borrowing costs 253.07 184.50
Loss / (Gain) on foreign currency transactions
& translations - 0.07
Others 8.15 12.04
991.31 681.50
Less: Allocated to assets capitalised/ charged off during (479.23) (130.17)

the year
Less: Stake Sale in Numaligarh Refinery Limited (34.20) -
(Refer note no. 68(I))
Closing balance pending allocation 477.88 551.33
Total 7,645.42 9,948.51

330
NOTE 4 INVESTMENT PROPERTY (CONSOLIDATED)
` in Crores
As at Additions Reclassifications / As at Up to For the Reclassifications Up to As at As at
Particulars 01/04/2020 Deductions 31/03/2021 31/03/2020 year / Deductions 31/03/2021 31/03/2021 31/03/2020
Disposal Disposal
Land 32.66 1.75 34.41 - - - - - - 32.66
Buildings 0.33 - 0.16 0.17 0.12 0.02 0.02 0.12 0.05 0.21
Total 32.99 1.75 34.57 0.17 0.12 0.02 0.02 0.12 0.05 32.87
Previous year 0.33 32.66 - 32.99 0.09 0.03 - 0.12 32.87 -

The Group's investment properties consist of office buildings and Land rented out to third parties.
Information Regarding Income and Expenditure of Investment Property

` in Crores
Rental Income derived from investment Properties 3.36 3.72
Less - Depreciation 0.02 0.03
Profit arising from Investment Properties before other direct operating expenses 3.34 3.69
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 2021 and 31st March 2020, the fair values of the property are ` 1.02 Crores and ` 40.80 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 appropriate
recognised professional qualifications and recent experience in the location and category of the property being valued.
NOTE 5 INTANGIBLE ASSETS (CONSOLIDATED)
` in Crores
Particulars Useful Life Gross Block Amortization Net Carrying Amount
(No. of As at Additions Other Reclassifications/ As at Up to For the Reclassifications/ Up to As at As at
Years) 01/04/2020 Adjustments Deletions 31/03/2021 31/03/2020 year Deletions 31/03/2021 31/03/2021 31/03/2020
Right Of Way Indefinite 105.62 75.90 - 75.90 105.62 - - - - 105.62 105.62

Right Of Way Upto 30 36.98 - - - 36.98 9.43 2.67 - 12.10 24.88 27.55
Right to use Upto 30 26.06 - - - 26.06 2.97 2.33 - 5.30 20.76 23.09
Service Concession 20 63.18 - - - 63.18 16.13 3.70 - 19.83 43.35 47.05
Arrangement
(Refer note 49)
Software/Licenses Upto 5 82.60 30.91 - 31.70 81.81 46.07 16.46 11.18 51.35 30.46 36.53
Oil And Gas Assets 273.33 7.59 - - 280.92 170.50 11.64 - 182.14 98.78 102.83
Process Licenses Upto 5 101.19 167.50 - - 268.69 63.26 19.86 - 83.12 185.57 37.93
Total 688.96 281.90 - 107.60 863.26 308.36 56.66 11.18 353.84 509.42 380.60
Previous year 574.50 115.29 - 0.83 688.96 230.94 77.81 0.39 308.36 380.60 -
NOTE 6 INTANGIBLE ASSETS UNDER DEVELOPMENT (CONSOLIDATED)

` in Crores
Gross Amount
As at Additions Capitalizations As at
Particulars 01/04/2020 as Intangible 31/03/2021
Asset/
Deletions
Process Licenses 396.62 - 75.28 321.34
Software / License - 13.74 - 13.74
Right of Way - 22.52 - 22.52
Wells in Progress * 7,411.61 1,996.09 270.65 9,137.05
Total 7,808.23 2,032.35 345.93 9,494.65
Previous year 6,361.59 2,044.54 597.90 7,808.23
* Net of provision for impairment loss of `1024.08 Crores (as at 31st March 2020 ` 741.86 Crores). Out of the above an amount of ` 293.68 Crores (Previous
year: ` 594.00 Crores) has been recognised in the consolidated statement of profit and loss in respect of the group for Financial year 2020-21 towards impairment
of seven blocks.

ADDITIONAL INFORMATION IN RESPECT OF NOTE 2 TO 6
a) Land:
i) Freehold land includes ` 242.68 Crores (Previous year ` 429.20 Crores) capitalized at various locations for
which conveyance deeds are yet to be executed and/or mutation is pending.
ii) 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.
b) Buildings include Ownership flats having gross block of ` 43.94 Crores (Previous year ` 42.68 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 de-capitalization of foreign
exchange differences (net) of ` 187.44 Crores (Previous year ` 619.09 Crores capitalization).
d) Additions include capitalization of borrowing costs of ` 300.06 Crores (Previous year ` 32.34 Crores) of the
Corporation.
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 ` 909.65 Crores (Previous year ` 580.31
Crores), Cumulative Depreciation ` 87.29 Crores (Previous year ` 57.44 Crores), Net Block ` 822.36 Crores
(Previous year ` 522.87 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 ` 24.78 Crores (Previous year ` 22.54 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 ` 1.82 Crores (Previous year ` 1.92 Crores).
g) Charge has been created over the Property, Plant & Equipment of the Corporation, mainly Plant and Machinery at
Mumbai Refinery and Kochi Refinery in regard to the borrowings– Refer Note 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 ` 35.35 Crores (Previous year ` 8.40 Crores).
i) Gross Block Reclassifications / Deductions on account of Retirement / Disposal of the Group includes:
i) On account of retirement / disposal during the year ` 4,701.41 Crores (Previous year ` 330.41 Crores)
ii) Assets classified as held for sale ` 58.98 Crores (Previous year ` 134.69 Crores)
iii) Decapitalization of ` 52.13 Crores (Previous year ` 56.57 Crores)
iv) Additions on account of reclassifications during the year ` 0.69 Crores (Previous year deduction ` 63.48
Crores)
j) Depreciation and amortization for the year of the Group is ` 4,357.64 Crores (Previous year ` 4,100.66 Crores)
from which, after reducing -
i) Depreciation on decapitalization of ` 19.08 Crores (Previous year ` 14.57 Crores)
ii) Depreciation on reclassification of assets of ` 1.39 Crores (Previous year ` 3.61 Crores)

iii) Charged to Project ` 2.96 Crores (Previous year ` 2.39 Crores) and Net Depreciation and amortization for the
year charged to Consolidated Statement of Profit and Loss is ` 4,334.21 Crores (Previous year
` 4,080.09 Crores).
k) Deduction from accumulated depreciation on account of retirement / disposal / reclassifications of the Group
during the year is ` 1,428.98 Crores (Previous year ` 345.52 Crores)
l) The Corporation has assessed the useful life of Right of way as indefinite where the same is perpetual in nature.
m) The Residual value of Catalysts with precious metal content have been revised to the aggregate of estimated cost of
the precious metal content which is expected to be extracted at end of their useful life and 5% of original cost of
catalyst excluding cost of precious metals (Previous Year: up to 5% of the original cost of catalyst) based on the
experience and internal technical assessment. The impact of change in residual value has resulted in increase in
profit before tax by ` 78.90 Crores for FY 2020-21 for the Group and its Joint ventures/Associates.
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 68(I)].
o) In case of Bharat PetroResources Limited (BPRL), considering the evolution of the security situation in the north of
the Cabo Delgado province in Mozambique, the Operator (i.e. Total E & P Mozambique Area 1 Limitada) has
withdrawn all Mozambique LNG project personnel from the Afungi site and the Operator has declared Force
Majeure on 26th April 2021.

NOTE 7 INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD (CONSOLIDATED)
Information of interest of the Corporation in its Equity Accounted Investees:
` in Crores
Particulars Note reference 31/03/2021 31/03/2020
Interest in Associates See Note (A) below 3,448.72 3,349.34

Interest in Joint Ventures See Note (B) below 16,100.92 18,182.77
Investment accounted for using equity method 19,549.64 21,532.11
[A] INTEREST IN ASSOCIATES

(I) List of material Associates of the Company Proportion of Ownership Interest
Sr. Name Country of 31/03/2021 31/03/2020
No. 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 ` 1500 crores (previous year ` 1500 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. Name 31/03/2021 31/03/2020
No.
1. Indraprastha Gas Limited 8,045.12 6,124.40
2. Petronet LNG Limited 4,216.88 3,747.19
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.

NOTE 7 INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD (CONSOLIDATED) (CONTD.)
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.
` in Crores
31/03/2021 Indraprastha Petronet LNG

Gas Limited Limited
Summarised financial information
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 -
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

` in Crores
31/03/2020 Indraprastha Petronet LNG

Gas Limited Limited
Current Assets (excluding cash and cash equivalent) 1,841.44 6,171.16
Cash and cash equivalent 663.55 976.02
Non Current liabilities (excluding trade and other payables and provisions) 390.00 5,367.93
Trade and other payables and provisions (Current) 453.23 1,170.92
Net Assets 5,368.17 11,181.22
Group's share of net assets 1,207.84 1,397.65
Carrying amount of interest in Associates 1,207.84 1,397.65

Revenue (including Interest Income) 7,309.10 35,920.70
Less:
Other Expense 5,609.90 31,552.11
Add: Share of Profit of Equity accounted investees (JV), net of tax 132.43 4.59
Tax Expense 312.01 432.94
Profit after tax 1,259.20 2,760.92
Other Comprehensive Income (1.50) (0.08)
Group's share of profit 283.32 345.12
Group's share of OCI (0.34) (0.01)
Group's share of total comprehensive Income 282.98 345.11
Add/(Less): Intra Group Eliminations (8.38) (38.77)
Group's share of total comprehensive Income (after elimination) 274.60 306.34
Dividend received from the Associates 37.80 187.51
(II) Details of others Associates ` in Crores

Particulars 31/03/2021 31/03/2020
Aggregate carrying amount of its interest in Associates 559.15 743.85
Share of Total Comprehensive Income from Associates during the year 26.93 133.74
[B] INTEREST IN JOINT VENTURES
(I) List of material Joint Ventures of the Group
Proportion of Ownership Interest
Sr. Name Country of 31/03/2021 31/03/2020
No. Incorporation
1 Bharat Oman Refineries Limited (Refer Note (I)) India 63.38% 63.38%

Note (i) Bharat Oman Refineries Limited is incorporated with joint control of BPCL & Oman Oil Company S.A.O.C. (OOC). The
Corporation has an equity stake of 63.38% (Previous Year 63.38%) and OOC has equity stake of 36.62% (Previous Year 36.62%)
st
in BORL’s paid up share capital of ` 2,426.83 Crores as on 31 March, 2021 (Previous Year ` 2,426.83 Crores). The Corporation
st
has also subscribed to Share Warrants of BORL of ` 935.68 Crores as on 31 March, 2021 (Previous Year ` 935.68 Crores) and
Compulsory Convertible Debentures of ` 1,000 Crores (Previous Year ` 1,000 Crores).
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. ` in Crores
Bharat Oman Refineries Limited 31/03/2021 31/03/2020
Current Assets (excluding cash and cash equivalent) 6,720.93 3,557.49
Cash and cash equivalent 41.53 71.70
Less:
Non Current liabilities (excluding trade and other payables and provisions) 8,877.85 7,506.91
Trade and other payables and provisions (Current) 2,472.71 2,780.19
Net Assets 3,543.07 3,617.63
Group's share of net Assets 2,245.60 2,292.85
Adjustments
Impact on conversion of share warrants to equity shares 103.26 103.26
Investment in Share Warrants 325.60 325.60
Investment in Compulsorily Convertible Debentures 366.20 366.20
Inter-company profit eliminations (118.08) (139.36)
Carrying amount of interest in Joint Ventures 2,922.58 2,948.55
Revenue (excluding interest income) 35,480.90 42,006.54
Interest Income 6.78 6.88
Less:
Other Expense 34,283.82 41,800.94
Profit before tax (109.17) (1,217.48)
Tax Expense (32.82) (413.98)
Profit after Tax (76.35) (803.50)
Other Comprehensive Income 1.79 (3.68)
Total Comprehensive Income (74.56) (807.18)
Group's share of profit (48.39) (401.75)
Group's share of OCI 1.13 (1.84)
Group's share of total comprehensive Income (47.26) (403.59)
Add/(Less): Intra Group Eliminations 21.28 8.72
Group's share of total comprehensive Income (after elimination) (25.98) (394.87)
Dividend received from the Joint Venture - -
(II) Details of Other Joint Ventures ` in Crores
Particulars 31/03/2021 31/03/2020
Aggregate carrying amount of its interest in Joint Ventures 13,178.34 15,234.22
Share of Total Comprehensive Income from Joint Ventures during the year (2,301.72) 1,849.46

NOTE 8 INVESTMENTS (CONSOLIDATED)
` in Crores
Particulars No of Units No. of Units As at As at
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Investment in equity instruments designated at
Fair value through Other Comprehensive income
Equity Shares of (` 10 each (fully paid up))
Quoted
Oil India Limited * 2,67,50,550 2,67,50,550 328.10 221.23
Unquoted
Cochin International Airport Limited * 1,31,25,000 1,31,25,000 95.71 66.62
Investment in Debentures at Amortised cost

Unquoted
5% Debentures (Fully Paid up) of 1 1 0.01 0.01
East India Clinic Limited
Investment in Equity Instruments at Fair Value

Through Profit or Loss
Unquoted
Equity Shares of Kochi Refineries Employees 500 500 # #
Consumer Co-operative Society Limited
(Fully paid up) # Value ` 5,000
Ordinary Shares (Fully paid up) of Sindhu 6 6 ## ##
Resettlement Corporation Limited ##
Value ` 19,000
Total 423.82 287.86
Aggregate amount of Unquoted Securities 95.72 66.63

Aggregate amount of Quoted Securities 328.10 221.23
Market value of Quoted Securities 328.10 221.23
* 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.

NOTE 9 LOANS (CONSOLIDATED)
` in Crores
As at As at
Particulars 31/03/2021 31/03/2020
Security deposits
Less : Provision for doubtful (1.92) (0.98)
Loans to Joint Ventures
IBV (Brasil) Petroleo Ltd. 1,939.51 1,900.92
Haridwar Natural Gas Private Limited 15.00 -
Bharat Oman Refineries Limited 1,254.10 1,254.10
Loan to Empresa Nacional de Hidrocarbonetos (Mozambique) 526.71 153.99
Loans to employees (including accrued interest) (secured) [Refer Note No. 53] 406.48 467.01
Loans to Others
Considered Good * 1,067.00 1,094.02
Significant increase in credit risk 35.37 -
Less : Allowance for doubtful loans (82.95) (1.90)
Total 5,312.00 4,987.27
st
* The balance as at 31 March 2021 includes ` 988.31 Crores (Previous Year : ` 1,022.27 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 31/03/2021 31/03/2020
Claims :
Less : Allowances for Doubtful (19.14) (22.38)
Bank deposits with more than twelve months maturity
Considered Good* 39.97 14.66
Less : Allowance for Doubtful (0.02) (0.02)
Advances against Equity to Joint Ventures #
Bharat Renewable Energy Limited 0.54 0.54
Less : Allowance for doubtful (0.54) (0.54)
Total 47.91 19.09
* Includes deposits of ` 39.97 Crores (previous year ` 14.66 Crores) that have been pledged/deposited with local authorities.
# Advance against equity shares (pending allotment).

NOTE 11 INCOME TAX ASSETS (NET) (CONSOLIDATED)
` in Crores
31/03/2021 31/03/2020
Advance payment of Income Tax (Net of provision) 1,158.07 1,381.25
Total 1,158.07 1,381.25
NOTE 12 OTHER NON-CURRENT ASSETS (CONSOLIDATED)

` in Crores
31/03/2021 31/03/2020
Capital advances 125.19 202.20
Advance to Associates
Petronet LNG Limited 106.65 124.90
Advance to Employee Benefit Trusts 135.50 190.36
Prepaid expenses 337.67 376.64
Claims and Deposits
Less : Allowance for Doubtful (217.29) (140.57)
Total 1,276.19 1,469.34
NOTE 13 INVENTORIES (CONSOLIDATED)

(Refer Note 1.12) ` in Crores
31/03/2021 31/03/2020
Raw Materials
[Including In transit ` 2,470.69 Crores (Previous Year ` 1,206.52 Crores)] 5,664.78 3,408.50
Work-in-progress 1,573.68 1,011.52
Finished goods 11,625.39 11,264.79
Stock-in-Trade
[Including In Transit ` 1,124.16 Crores (Previous Year ` 1,107.52 Crores)] 6,879.64 5,545.15
Stores and Spares
[Including In Transit ` 9.28 Crores (Previous Year ` 8.38 Crores)] 935.98 992.31
Packaging material 26.55 20.33
Total 26,706.02 22,242.60
The write-down of inventories to net realisable value during the year amounted to ` 87.51 Crores (Previous year :
` 1310.35 Crores). The reversal of write downs during the year amounted to ` 19.23 Crores (Previous year : ` 0.36 Lacs)
due to increase in net realisable value of the inventories. The write downs and reversal are included in cost of materials
consumed or changes in inventories of finished goods, stock-in-trade and work-in-progress.
Inventories pledged as collateral - Refer Note 30

NOTE 14 INVESTMENTS (CONSOLIDATED)
` in Crores
31/03/2021 31/03/2020
Investments at Fair value through Profit and Loss
Quoted
Investment In Government Securities of Face Value of `100 each (Fully Paid up)
6.35% Oil Marketing Companies GOI Special Bonds 2024 2,174.59 2,133.15
6.90% Oil Marketing Companies GOI Special Bonds 2026 # 1,721.82 1,696.86
7.59% Government Stock 2026 # 401.11 398.54
5,282.71 5,208.54
Investments in Mutual Funds
Mutual Funds 1,011.87 -
Investments at Amortised Cost
Quoted
Treasury Bills 499.69 -
Total 6,794.27 5,208.54
Aggregate amount of Unquoted Securities - -
Aggregate amount of Quoted Securities 6,794.27 5,208.54
Market value of Quoted Securities 6,794.24 5,208.54
Aggregate amount of Impairment in the value of investments - -
# These Securities of Face Value ` 870.00 Crores (Previous Year ` 1,220.00 Crores) have been Kept as Collateral Security
with Clearing Corporation of India Limited for limits in Triparty Repo Settlement System. [Refer Note no. 30]
NOTE 15 TRADE RECEIVABLES (CONSOLIDATED)

(Unsecured unless otherwise stated)
` in Crores
As at As at
Particulars 31/03/2021 31/03/2020
Considered good * 8,121.63 5,570.92
Less : Loss allowance (286.86) (192.90)
Total 7,834.77 5,378.02
* Includes Debts secured by Bank guarantee/Letter of Credit/Deposit ` 735.90 Crores (previous year ` 513.36 Crores).
Trade receivables pledged as collateral (Refer Note 30)

NOTE 16 CASH AND CASH EQUIVALENTS (CONSOLIDATED) ` in Crores
As at As at
Particulars 31/03/2021 31/03/2020
Balance with Banks :
On Current Account 346.20 323.06
Deposits with banks with original maturity of less than three months 7,047.78 464.34
Investment in Triparty Repo Settlement System (TREPS) 149.93 -
Total 7,567.57 799.63
NOTE 17 BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS (CONSOLIDATED)
` in Crores
As at As at
Particulars 31/03/2021 31/03/2020
Fixed deposits with banks with original maturity of 3 - 12 months # 6.96 328.25
Earmarked Balances
Unclaimed/ Unpaid Dividend * @ 535.58 16.98
Others - 19.98
Total 542.54 365.21
# Includes Deposits of ` 6.96 Crores (Previous Year ` 46.35 Crores) that has been pledged/deposited with Local
Authorities/Court.
* Includes Unpaid Dividend amount of ` 510.03 Crores pertaining to Second Interim Dividend Declared for FY 2020-21 on
16th March 2021.
@ Includes Unclaimed Dividend of ` 25.55 Crores (Previous Year ` 16.98 Crores)
NOTE 18 LOANS (CONSOLIDATED)

(Unsecured, considered good unless otherwise stated) ` in Crores
As at As at
Particulars 31/03/2021 31/03/2020
Loans to employees (including accrued interest) (secured) 56.46 80.98
[Refer Note 53]
Loan to Joint Venture Companies
TAAS India Pte Ltd. - 94.12
Security and other deposits 0.13 7.46
Loans to Others *
Considered good 83.87 535.83
Significant increase in credit risk 1.90 65.52
Credit impaired 0.68 19.20
Total 138.06 704.86
* Includes ` 67.48 Crores (Previous Year ` 588.81 Crores) pertaining to Loans given to Consumers under Pradhan Mantri
Ujjwala Yojana scheme.

NOTE 19 OTHER FINANCIAL ASSETS (CONSOLIDATED)
` in Crores
As at As at
Particulars 31/03/2021 31/03/2020
Interest accrued on bank deposits etc.
Considered doubtful 0.02 0.02
Less: Allowance for doubtful (0.02) (0.02)
Interest accrued on Loans to Related Parties 26.10 25.40
Derivative Asset 5.30 15.83
Receivable from Central Government / State Government
Considered good 10.15 6,020.85
Less: Allowance for doubtful (57.76) (86.13)
Dues from Related Parties
Dues from Joint Venture Companies 21.58 22.36
Advances and Recoverables :
Total 594.39 6,741.61
NOTE 20 CURRENT TAX ASSETS (NET) (CONSOLIDATED)

` in Crores
31/03/2021 31/03/2020
Advance Income Tax (Net of provision for taxation) 535.21 137.09
Total 535.21 137.09
NOTE 21 OTHER CURRENT ASSETS (CONSOLIDATED) ` in Crores

31/03/2021 31/03/2020
Advances other than Capital advances
Other Advances including Prepaid expenses
Claims
Considered Doubtful - 0.07
Less : Allowance for doubtful - (0.07)
Recoverables on account of GST, Customs, Excise etc. 882.29 817.37
Total 1,248.16 1,653.12

NOTE 22 ASSETS HELD-FOR-SALE (CONSOLIDATED) ` in Crores
As at As at
Particulars 31/03/2021 31/03/2020
Assets Held-for-Sale * 21.50 21.07
Total 21.50 21.07
* Non-Current Assets held-for-sale consists 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 ` 32.41 Crores during the year ( Previous Year: ` 53.26 Crores) has been recognised in the
NOTE 23 EQUITY SHARE CAPITAL (CONSOLIDATED) ` in Crores

31/03/2021 31/03/2020
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” (32.96) (202.37)
[No. of Equity Shares 3,29,60,307 (Previous Year 20,23,72,422)].
(Refer Note 46)
Less - “BPCL ESPS Trust” [No. of Equity Shares 4,33,79,025 (43.38) -
(Previous Year Nil)].(Refer Note 46)
Total 2,092.91 1,966.88
iii The Corporation has only one class of shares namely equity shares having a 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
iv The Corporation declares and pays dividend in Indian Rupees. The final dividend, if any, proposed by the Board of
v 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. During the
Financial year 2016-17, the Corporation has issued Bonus Shares in the ratio of 1:1 by capitalisation of General
Reserves. The total number of shares issued is 72,30,84,248 having face value of ` 10 each.
vi Reconciliation of No. of Equity Shares As at As at
31/03/2021 31/03/2020
Particulars
A. Opening Balance 2,16,92,52,744 2,16,92,52,744
B. Shares Issued
- Bonus Shares - -
C. Shares Bought Back - -
D. Closing Balance 2,16,92,52,744 2,16,92,52,744

NOTE 23 EQUITY SHARE CAPITAL (CONSOLIDATED) (CONTD.)
vii Details of shareholders holding more than 5% shares As at 31/03/2021 As at 31/03/2020
Name of shareholder % Holding No. of shares % Holding No. of shares
Government of India 52.98 1,14,91,83,592 52.98 1,14,91,83,592
Life Insurance Corporation of India 5.66 12,27,25,718 5.58 12,10,58,023
“BPCL Trust for Investment in Shares” (Refer Note 46) 1.52 3,29,60,307 9.33 20,23,72,422
NOTE 24 OTHER EQUITY (CONSOLIDATED)

` in Crores
Attributable to owners of the corporation: 31/03/2021 31/03/2020
Capital Reserve 73.04 73.05
Capital Reserve on Acquisition of Subsidiaries, Joint Venture Companies
and Associates (97.45) (31.00)
Debenture Redemption Reserve 1,264.84 1,095.12
General Reserve 29,753.38 32,797.15
Stock option Outstanding Balance (Refer Note 55) 856.49 -
Equity Instruments through Other Comprehensive Income (161.56) (297.52)
Retained Earnings 14,466.21 (352.84)
Foreign Currency Translation Reserve 128.19 1,488.44
“BPCL ESPS Trust” (Refer Note 46) (97.90) -
Securities Premium Reserve (Refer Note 46) 5,351.32 249.79
“BPCL Trust for Investment in Shares” (Refer Note 46) (74.39) (456.74)
Total 51,462.17 34,565.45
As at As at
31/03/2021 31/03/2020
Capital Reserve:
Opening balance adjustment (0.01) 0.06
Closing balance 73.04 73.05
Capital Reserve on Acquisition of subsidiaries, JVCs and associates:
Less: Transfer to Statement of Profit and Loss on sale of stake in subsidiary (66.45) -
(Refer Note 68(I))
Debenture Redemption Reserve:
Less: Opening balance adjustment (18.76) -
Add : Transfer from Retained Earnings 188.48 293.21
Less: Transfer to general reserve - (377.40)
Stock option Outstanding Balance:
Opening balance - -
Additions during the year 940.72 -
Less : Transfer to General Reserve (84.23) -
Closing balance 856.49 -

NOTE 24 OTHER EQUITY (CONSOLIDATED) (CONTD.)
` in Crores
As at As at
Particulars 31/03/2021 31/03/2020
Foreign Currency Translation Reserve:
Opening Balance 1,488.44 368.81
Additions / (Deletions) during the year (1,356.06) 1,119.63
Less: Reclassification to statement of profit and loss (4.19) -
Closing balance 128.19 1,488.44
Foreign Currency Monetary Item Translation Difference Account:

Opening balance - (29.34)
Additions / (Deletions) during the year - (51.62)
Additions / (Deletions) on account of Amortization during the year - 80.96
Closing balance - -
Securities Premium:
Add / (Less): Opening balance adjustment 0.22 -
Addition: Sale of Equity Shares held by “BPCL Trust for Investment in Shares” 5,101.31 -
Closing Balance 5,351.32 249.79
Equity instruments through Other Comprehensive Income:

Opening Balance (297.52) 15.41
Additions / (Deletions) during the year 135.96 (312.93)
BPCL Trust for Investment in Shares: (Refer Note 46)

Opening Balance (456.74) (456.74)
Additions: Transfer of Shares to "BPCL ESPS Trust" 97.90 -
Additions: Sale of Equity Shares 284.45 -
Closing Balance (74.39) (456.74)
BPCL ESPS Trust: (Refer Note 46)

Opening balance - -
Deletions: Transfer of Shares from "BPCL Trust for Investment in Shares" (97.90) -
Closing balance (97.90) -

` in Crores
As at As at
Particulars 31/03/2021 31/03/2020
General reserve
Add : Transfer from Retained Earnings - 1,024.20
Add : Transfer from Share Options Outstanding Account 84.23 -
Add : Transfer from Debenture Redemption Reserve - 377.40
Less : Sale of stake in Subsidiary (Refer Note no.68(I)) (3,128.00) -
Closing Balance 29,753.38 32,797.15
Retained Earnings :
Opening balance (352.84) 4,033.06
Opening balance adjustment 6.18 (11.35)
Opening balance after the above effect (346.66) 4,021.71
Add : Profit/(Loss) for the year as per Statement of Profit and Loss 16,164.98 3,055.36
Less : Remeasurements of defined benefit plans (net of tax) (59.23) (206.86)
Less : Transfer to Debenture Redemption Reserve (188.48) (293.21)
Less : Interim Dividends for the year : ` 21 per share
(Previous year : `16.50 per share) (4,555.43) (3,579.27)
Less : Dividend Distribution Tax on Interim Dividends for the year - (735.73)
Less : Final Dividend for FY 2019-20 Nil per share
(Previous year: ` 8 per share for FY 2018-19) - (1,735.40)
Less : Dividend Distribution Tax on Final Dividend for previous year - (355.50)
Add : Income from "BPCL Trust for Investment in Shares" (Refer Note 46) 270.87 495.81
Add : Income of "BPCL ESPS Trust" (Net of Tax)(Refer Note 46) 52.16 -
Add: Sale of stake in Subsidiary (Refer Note 68(I)) 3,128.00 -
Add: Dividend Distribution tax pertaining to previous years - 4.45
Less : Transfer to General Reserve - (1,024.20)
Closing Balance * 14,466.21 (352.84)
Total Other Equity attributable to owners 51,462.17 34,565.45
* The balance includes accumulated (loss) / gain on account of Remeasurements of Defined Benefit plans (Net of tax) as on
31st March 2021 ` (510.19) Crores [Previous Year ` (442.62) Crores] for the Corporation

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 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 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.
Foreign Currency Monetary Item Translation Difference Account
Foreign Currency Monetary Item Translation Difference Account represents amounts recognised on account of translation
of long term foreign currency denominated borrowings not related to acquisition of depreciable assets. Amounts so
recognised are amortised in the statement of profit and loss over remaining maturity of related borrowings.
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.
` in Crores
Proposed Dividends on Equity Shares not recognised by the Corporation: 2020-21 2019-20
Final Dividend for the year [` 58 per share (Previous year : NIL per share)] 12,581.67 -
Total 12,581.67 -

NOTE 25 BORROWINGS (CONSOLIDATED)
` in Crores
Current # Non-Current Current # Non-Current
Secured
From Others
Debentures
7.35% Secured Non-Convertible Debentures 2022 * 549.96 - - 549.92
Term Loan
Loan from Oil Industry Development Board ** 793.70 - 397.56 789.75
Unsecured
From Banks
Foreign Currency Loan Syndicated - 5,491.21 3,241.29 5,622.90
Term Loan 1,687.21 14,764.74 33.35 13,760.55
From Others
Debentures
6.11% Unsecured Non-Convertible Debentures 2025 - 1,994.98 - -
Bonds
4% US Dollar International bonds 2025 - 3,658.85 - 3,748.49
4.625% US Dollar International bonds 2022 - 3,670.34 - 3,760.46
4.375% US Dollar International Bond 2022 3,672.31 - - 3,762.34
4.375% US Dollar Internation Bonds 2027 - 4,375.94 - 4,268.16
Term Loan
Interest Free Loan from Govt. of Kerala - 34.48 - 31.76
Total 6,703.18 35,740.22 3,672.20 38,043.89
Terms of Repayment Schedule of Long-term borrowings as at 31/03/2021:
Non-Current Interest Rate ` in Crores Maturity
Interest Free loan from Govt. of Kerala - 100.00 30-Mar-34
Bonds 4.375% 4,410.28 2026-27
Term Loan from Banks LIBOR based 735.05 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% 3,675.24 08-May-25
Term Loan from Banks LIBOR based 4,961.57 2024-25
Term Loan MCLR based 366.60 15-Mar-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 3,307.71 11-Jan-24
Foreign Currency Loans - Syndicated ECB USD 300 Million LIBOR based 2,205.14 05-Dec-23
Term Loan MCLR based 33.35 15-Apr-23

Non-Current Interest Rate ` in Crores Maturity
7.69% Unsecured Non-Convertible Debentures 2023 7.69% 750.00 16-Jan-23
4.625% US Dollar International Bonds 2022 4.625% 3,675.24 25-Oct-22
Current Interest Rate ` in Crores Maturity

7.35% Secured Non-Convertible Debentures 2022 7.35% 550.00 10-Mar-22
4.375% US Dollar International Bond 2022 4.375% 3,675.24 24-Jan-22
Loan from Oil Industry Development Board - Secured 7.00% - 7.68% 789.75 5-Apr-21
* The Corporation had allotted non-convertible 7.35% Debentures of face value of ` 550 Crores on 10th March 2017
redeemable 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 are secured by first legal mortgage over the Plant and Machinery of the Corporation, mainly Plant and Machinery
at Mumbai Refinery and Kochi Refinery.
NOTE 25a LEASE LIABILITIES (CONSOLIDATED)

` in Crores
Current # Non-Current Current # Non-Current
Lease Liabilities 240.62 7,615.03 155.12 5,809.18
Total 240.62 7,615.03 155.12 5,809.18
NOTE 26 OTHER FINANCIAL LIABILITIES (CONSOLIDATED)

` in Crores
As at As at
Particulars 31/03/2021 31/03/2020
Security / Earnest Money Deposits 7.10 9.41
Retiral Dues 50.90 49.28
Total 58.00 58.69
NOTE 27 PROVISIONS (CONSOLIDATED)

` in Crores
As at As at
Particulars 31/03/2021 31/03/2020
Provision for employee benefits [Refer Note 51] 1,601.13 1,586.67
Provision for abandonment for Oil and Gas Blocks [Refer Note 57] 7.76 9.32
Total 1,608.89 1,595.99

NOTE 28 TAX EXPENSE AND DEFERRED TAX LIABILITIES (NET) CONSOLIDATED
` in Crores
(a) Amounts recognised in profit and loss
2020-21 2019-20
Current tax expense (A)
Current year 6,165.29 629.96
Short / (Excess) provision of earlier years (2.47) (136.05)
Deferred tax expense (B)
Origination and reversal of temporary differences 82.17 (14.49)
Short / (Excess) provision of earlier years (1,132.80) (493.63)
Tax expense recognised in the income statement (A+B) 5,112.19 (14.21)
Subtotal of Short / (Excess) provision of earlier years (1,135.27) (629.68)
(b) Amounts recognised in other comprehensive income ` in Crores
2020-21 2019-20
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 benefit plans 0.52 (55.68) (55.16) (326.29) 109.94 (216.35)
Equity instruments through Other Comprehensive 135.96 - 135.96 (322.27) 9.34 (312.93)
income-net change in fair value
Equity accounted investees - share of OCI 0.69 - 0.69 (2.51) - (2.51)
Items that will be reclassified to profit or loss
Exchange differences in translating financial statements 0.59 - 0.59 348.88 - 348.88
of foreign operations
Equity accounted investees - share of OCI (1,356.68) - (1,356.68) 770.75 - 770.75
Total (1,218.92) (55.68) (1,274.60) 468.56 119.28 587.84
(c) Amounts recognised directly in equity ` in Crores
2020-21 2019-20
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. 55)
Current Tax 69.41 (29.67) 39.74 - - -
Deferred Tax 21.69 (9.27) 12.42 - - -
Total 91.10 (38.94) 52.16 - - -

352
NOTE 28 TAX EXPENSE AND DEFERRED TAX LIABILITIES (NET) CONSOLIDATED (CONTD.)
(d) Reconciliation of effective tax rate-Consolidated
% ` in Crores % ` in Crores
Tax using the Company’s domestic tax rate 25.168% 5,645.70 34.944% 1,276.00
Tax effect of:
Non-deductible tax expenses 0.33% 73.93 6.07% 221.79
Tax losses for which no deferred income tax was recognised 2.15% 482.95 7.32% 267.23
Income for which Deduction/ Exemption available -1.85% (415.16) -3.96% (144.56)
Income taxable under Special Rates -2.14% (480.25) - -
Gain on Sale of Subsidiary 3.31% 742.22 - -

Interest expense not deductible for tax purposes 0.10% 23.05 -0.36% (13.21)
Incremental deduction allowed for research and development costs - - -0.43% (15.62)
Proposed dividend - - -0.03% (1.10)
Undistributed Reserves of Associates - - -11.32% (413.54)
Share of profit of equity accounted investees reported net of tax 0.18% 40.99 -9.29% (339.20)
Difference in tax rates * 0.65% 146.38 -7.13% (260.42)
Adjustments recognised in current year in relation to prior years -5.06% (1,135.27) -17.24% (629.68)
Others -0.06% (12.35) 1.04% 38.10
Effective Income Tax Rate 22.79% 5,112.19 -0.39% (14.21)
* Includes BPRL International BV, Netherlands and BPRL International Singapore Pte Ltd., Subsidiaries operates in a tax jurisdiction with different tax
rates.
Also includes impact of higher tax rate being applicable on BPRL.
(e) Movement in deferred tax balances

` in Crores
As at 31/03/2021
Net balance Recognised Recognised Recognised Recognised Others @ Net Deferred tax Deferred Deferred
As at in profit in OCI in Short/ directly Balance asset (Netted tax tax
01/04/2020 or loss (Excess) in equity off against liability asset
Deferred tax (Net)
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 - - - - - -
ESPS Trust - - - - (9.27) - (9.27) - (9.27) -
Business Loss 3.09 0.73 - - - - 3.82 - - 3.82
Deferred Tax on Inter-company 57.76 (5.73) - (16.16) - - 35.87 35.87 - -
transaction
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

354
(f) Movement in deferred tax balances

` in Crores
As at 31/03/2020
Net balance Recognised Recognised Recognised Recognised Others Net Deferred tax Deferred Deferred
As at in profit in OCI in Short/ directly Balance asset (Netted tax tax
01/04/2019 or loss (Excess) in equity off against liability asset
Deferred tax
liability)
Property, plant and equipment (8,082.71) (749.14) - 258.29 - - (8,573.56) - (8,573.60) 0.04
Intangible assets (24.03) 6.21 - - - - (17.82) - (17.82) -

Derivatives (8.24) 10.77 - - - - 2.53 2.53 - -
Inventories 73.12 (56.95) - - - - 16.17 16.17 - -
Investments 44.79 (92.76) 9.34 - - - (38.63) - (38.63) -
Trade and other receivables 61.10 6.31 - - - - 67.41 67.41 - -
Loans and borrowings 0.94 23.67 - - - - 24.61 24.61 - -
Employee benefits 588.21 (101.31) 109.94 - - - 596.84 596.84 - -
Deferred income 54.42 (4.64) - - - - 49.78 49.78 - -
Proposed dividend (1.10) 1.10 - - - - - - - -
Provisions 228.28 (88.77) - - - - 139.51 139.51 - -
Other Current liabilities 394.90 0.11 - (38.76) - - 356.25 356.25 - -
MAT Credit Entitlement 248.00 201.00 - 274.10 - - 723.10 723.10 - -
Unabsorbed Depreciation - 388.74 - - - - 388.74 388.74 - -
Business Loss 3.57 (0.48) - - - - 3.09 - - 3.09
Deferred Tax on Inter-company 61.35 (3.59) - - - - 57.76 57.76 - -
transaction
Undistributed Reserves- (413.54) 413.54 - - - - - - - -
Associates
Other items (16.80) 60.68 - - - - 43.88 43.88 (0.45) 0.45
Tax assets (Liabilities) (6,787.74) 14.49 119.28 493.63 - - (6,160.34) 2,466.58 (8,630.50) 3.58
NOTE 28 TAX EXPENSE AND DEFERRED TAX LIABILITIES (NET) CONSOLIDATED
(CONTD.)
(g) As at 31st March 2021, undistributed earning of subsidiaries and equity accounted investees - share of joint ventures
amounted to ` 687.04 Crores (Previous year : ` 5,091.96 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 2021, “Undistributed Reserves-Associates” amounted to ` 2,670.58 Crores (Previous year:
` 2367.75 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
31/03/2021 31/03/2021 31/03/2020 31/03/2020
Gross amount Expiry date Gross amount ^ Expiry date
Business loss - - 645.71 2020-21
Business loss 68.76 2021-22 68.89 2021-22
Business loss 29.79 2022-23 29.79 2022-23
Business loss 37.51 2023-24 38.34 2023-24
Business loss 132.10 2024-25 132.77 2024-25
Business loss 166.22 2025-26 166.69 2025-26
Business loss 35.24 2026-27 35.49 2026-27
Business loss 105.08 2027-28 105.08 2027-28
Business loss 213.73 2028-29 - -
Unabsorbed Depreciation 8.49 No expiry date 7.53 No expiry date
^ The figures of previous year have been adjusted for change in Foreign Exchange rate 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.
@ 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.
NOTE 29 OTHER NON CURRENT LIABILITIES (CONSOLIDATED)

` in Crores
As at As at
Particulars 31/03/2021 31/03/2020
Deferred Income and Others * 549.95 381.72
Total 549.95 381.72
` 132.13 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
As at As at
Particulars 31/03/2021 31/03/2020
Loans repayable on demand
Secured
From Banks *
Working capital loans / Cash Credit 38.41 2,265.50
Unsecured
From Banks
Working Capital Loan - 2,405.18
Other Loans
Secured
Loans through Triparty Repo Settlement System (TREPS) of 849.97 999.98
Clearing Corporation of India Limited **
Unsecured
Commercial Paper 3,344.43 4,457.75
Total 4,232.81 17,795.15
* 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
borrowings against which was ` 850.00 Crores (Previous Year ` 1,000.00 Crores). These limits are secured by 7.59%
Govt. Stock 2026 & Treasury Bills of face value ` 870.00 Crores (Previous Year: ` 1,220.00 Crores secured by 7.59%
Govt. Stock 2026 & 6.90% Oil Marketing Companies GOI Special Bonds 2026).
NOTE 31 TRADE PAYABLES (CONSOLIDATED)

` in Crores
As at As at
Particulars 31/03/2021 31/03/2020
Total Outstanding dues of Micro Enterprises and Small Enterprises
(Refer Note 61) 147.84 123.32
Total Outstanding dues of creditors other than Micro Enterprises and
Small Enterprises (Refer Note 47) 16,114.83 12,984.36
Total 16,262.67 13,107.68

NOTE 32 OTHER FINANCIAL LIABILITIES (CONSOLIDATED)
` in Crores
As at As at
Particulars 31/03/2021 31/03/2020
Current maturities of long-term borrowings (Refer Note 25) 6,703.18 3,672.20
Current maturities of Lease Liability (Refer Note 25a) 240.62 155.12
Interest accrued but not due on borrowings 431.13 393.32
Security / Earnest Money Deposits 842.64 877.45
Deposits for Containers * 15,295.64 14,669.16
Unclaimed Dividend ** 25.55 16.98
Unpaid Dividend 439.89 -
Dues to Micro Enterprises and Small Enterprises (Refer Note 61) 257.00 114.78
Derivative Liabilities 19.03 18.79
Other Liabilities 2,623.36 3,275.42
Total 26,878.04 23,193.22
* Includes deposits received under Rajiv Gandhi Gramin LPG Vitrak Yojana and Pradhan Mantri Ujjwala Yojana (Central
Scheme) ` 3,281.45 Crores (Previous year ` 3,286.46 Crores). The deposit against these schemes have been funded from
CSR fund and Government of India.
** 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 31/03/2021 31/03/2020
Advances from Customers 813.60 749.29
Statutory Liabilities 5,865.31 3,255.49
Other (Deferred Income etc.) * 102.01 48.43
Total 6,780.92 4,053.21
` 10.50 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 34 PROVISIONS (CONSOLIDATED)

` in Crores
As at As at
Particulars 31/03/2021 31/03/2020
Provision for employee benefits (Refer Note 51) 1,465.64 1,590.56
Provision for CSR Expenditure 17.01 25.66
Others (Refer Note 57) * 467.63 423.17
Total 1,950.28 2,039.39
* Above includes deposits/ claims made of ` 107.60 Crores (Previous year ` 107.00 Crores) netted of against provisions.

NOTE 35 CURRENT TAX LIABILITIES (NET) (CONSOLIDATED)
` in Crores
As at As at
Particulars 31/03/2021 31/03/2020
Current tax liabilities (Net of taxes paid) 825.66 32.85
Total 825.66 32.85
NOTE 36 REVENUE FROM OPERATIONS (CONSOLIDATED)

` in Crores
(A) i) Sales
Petroleum Products 2,99,421.19 3,24,692.17
Crude Oil 3,791.45 3,626.61
3,03,212.64 3,28,318.78
ii) Subsidy from Central/State Government (Refer Note 45) 17.05 290.19
3,03,229.69 3,28,608.97
(B) Other operating revenues 1,036.59 1,188.19
Total 3,04,266.28 3,29,797.16
NOTE 37 OTHER INCOME (CONSOLIDATED) ` in Crores

Interest Income on
Instrument measured at FVTPL 352.62 358.43
Instrument measured at amortised Cost 698.38 701.29
Income Tax Refund 34.19 -
Dividend Income
Dividend Income from non - current equity instruments at FVOCI 17.19 37.41
Dividend Income from current investments at FVTPL - 7.14
Net gains on fair value changes of
Instruments measured at FVTPL ^ 160.88 222.65
Write back of liabilities no longer required 114.50 40.86
Reversal of allowance on doubtful debts and advances (net) - 150.67
Net gains on foreign currency transactions and translations @
Exchange losses on foreign currency forwards and (7.39) -
principal only swap contracts
Exchange Gains on foreign currency transactions and translations of 208.76 -
other assets and liabilities
Sub-Total 201.37 -
Others # 673.91 410.88
Total 2,253.04 1,929.33
^ Includes gain on sale of investments of ` 11.34 Crores (previous year ` 36.20 Crores)
@ During Previous year net losses on foreign currency transactions and translations of ` 1,669.11 Crores has been
grouped under Other Expenses.
# Includes amortisation of capital grants ` 10.41 Crores (previous year ` 11.75 Crores)

NOTE 38 COST OF RAW MATERIALS CONSUMED (CONSOLIDATED)
` in Crores
Opening Stock 3,408.50 4,096.79
Add : Purchases 81,247.66 1,21,331.47
Less: Closing Stock (5,664.78) (3,408.50)
Less: Impact on sale of stake in Subsidiary (Refer Note 68(I)) (213.34) -
Gross Total 78,778.04 1,22,019.76
Less : Exceptional Items (Refer Note 69) - (54.97)
Net Total 78,778.04 1,21,964.79
NOTE 39 PURCHASE OF STOCK-IN-TRADE (CONSOLIDATED) ` in Crores

Petroleum Products 1,08,196.73 1,27,583.08
Crude Oil 3,722.61 3,520.14
Others 444.94 597.19
Total 1,12,364.28 1,31,700.41
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 11,264.79 10,642.26
Stock-in-trade 5,545.15 6,107.07
Work in progress 1,011.52 1,254.44
17,821.46 18,003.77
Less : Value of closing 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
Net (increase) / decrease in inventories (2,257.25) 182.31
Less: Impact on sale of stake in Subsidiary (Refer Note 68(I)) 1,486.31 -
Net (increase) / decrease in inventories including exceptional items and
impact on sale of stake in subsidiary (3,743.56) 182.31
Less: Exceptional Items(Refer Note 69) - 1,255.38
Net (increase) / decrease in inventories excluding exceptional items (3,743.56) (1,073.07)
NOTE 41 EMPLOYEE BENEFITS EXPENSES (CONSOLIDATED) ` in Crores

Salaries and wages [Refer Note 48] 2,819.62 2,930.66
Contribution to Provident and Other Funds 532.38 578.93
Staff welfare expenses 725.52 510.92
Voluntary Retirement Scheme 778.83 -
Total Employee benefits expense 4,856.35 4,020.51

NOTE 42 FINANCE COSTS (CONSOLIDATED) ` in Crores
Interest Expense * 1,946.63 2,078.54
Interest on income tax demands - 6.17
Other borrowing costs 28.67 33.29
Exchange difference regarded as an adjustment to borrowing costs (251.89) 519.01
Total 1,723.41 2,637.01
* Includes ` 535.69 Crores (Previous Year - ` 508.91 Crore) recognized during the year as interest cost against Lease
Liabilities as per IND AS 116
NOTE 43 OTHER EXPENSES (CONSOLIDATED) ` in Crores

Transportation 7,068.36 7,328.61
Octroi, Other Levies and Irrecoverable Taxes 1,306.37 1,352.03
Repairs, maintenance, stores and spares consumption 1,357.17 1,566.81
Power and Fuel 4,996.76 6,315.32
Less: Consumption of fuel out of own production (2,494.46) (3,348.45)
Power and Fuel consumed (net) 2,502.30 2,966.87
Packages consumed 160.64 177.87
Net losses on fair value changes of
Derivatives measured at FVTPL 31.49 157.92
Office Administration, Selling and Other expenses
Rent 129.46 168.47
Utilities 318.01 327.07
Terminalling and related charges 210.50 211.73
Travelling and conveyance 160.83 256.14
Remuneration to auditors
Audit fees 2.79 2.48
Fees for other services - Certification 0.46 0.47
Reimbursement of out of pocket expenses 0.01 0.01
Sub-Total 3.26 2.96
Bad debts and other write offs 8.88 82.38
Allowance for doubtful debts & advances (net) 326.09 -
Loss on sale of Property plant and Equipment / Non Current asset 22.03 44.09
held for sale (net)
Net losses on foreign currency transactions and translations ^
Exchange gains/ losses on foreign currency forwards and principal only - (185.45)
swap contracts
Exchange losses on transactions and translations of other foreign - 1,854.56
currency assets and liabilities
Sub-total - 1,669.11
CSR Expenditure 163.23 286.59
Impairment Loss on Non- Current assets held for sale / 32.41 53.26
Intangible assets under development
Others 2,810.12 2,376.23
Sub-Total-Office Administration, Selling and Other expenses 4,184.82 5,478.03
Total 16,611.15 19,028.14
^ During the current year net gains on foreign currency transactions and translations of ` 201.37 Crores has been grouped
under Other Income.

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.
There is Nil gross under recovery (Previous year: ` 255.31 Crores) on sale of se nsitive petroleum product due to non-
revision in retail selling prices corresponding to the international prices and applicable foreign exchange rates prevailing
during the year.
As advised by the Ministry of Petroleum & Natural Gas, the Corporation has accounted compensation towards sharing of
under-recoveries on sale of sensitive petroleum product as subsidy from Government of India amounting to Nil (Previous
year: ` 255.31 Crores) and the same is accounted as Revenue from operations.
After adjusting the above compensation, the net under recovery absorbed by the Corporation is Nil (Previous year: Nil).
Further, subsidies received from State Governments recognized in Revenue from Operations for ` 17.05 Crores (Previous
year: ` 34.88 Crores) during the year.
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. After the 1:1 Bonus issue in July 2012 and July 2016 respectively and 1:2 bonus issue in July 2017,
the Trust holds 20,23,72,422 equity shares of the Corporation as on 1 st April 2020. The cost of the original investment
together with the additional contribution to the corpus of the trust made in 2014-15 is 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.
During the year, Corporation has 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" has
purchased 4,33,79,025 Equity shares from "BPCL Trust for investment in shares". The proportionate cost of "BPCL Trust
for Investment in Shares" has been recognized as cost of shares held by "BPCL ESPS Trust".
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.
Further, Corporation has sold 12,60,33,090 Equity Shares from "BPCL Trust for investment in shares" via Block Deal on
Stock Exchange for Net Consideration of ` 5,511.79 Crores. Accordingly, Security Premium of ` 5,101.31 Crores has
been recognized after adjusting the corresponding cost of ` 410.48 Crores (including Face Value of Equity Shares of
` 126.03 Crores) under Total Equity.
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 Investment adjusted under adjusted under
in Shares Paid-up Other Paid-up Other
No. of shares No. of shares

adjusted under adjusted under
BPCL ESPS Trust
Opening Balance - - - - - -
Add: Purchased from 4,33,79,025 43.38 97.90 - - -
"BPCL Trust for Investment
in Shares"
Closing Balance 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.
The Group has provided for Pay Revision dues of non-management staff under Salaries and Wages amounting to
` 168.07 Crores (Previous year: ` 368.89 Crores) during the year based on the available information and judgement.
NOTE 49 SERVICE CONCESSION ARRANGEMENTS (CONSOLIDATED)

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.
NOTE 50 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.

NOTE 50 DISCLOSURES AS PER IND AS 116 LEASES (CONSOLIDATED) (CONTD.)
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
As at Ind AS 116 Additions Reclassifications As at Up to For the Reclassifications Up to As at As at
Particulars 01/04/2020 Transition / Deductions 31/03/2021 31/03/2020 year / Deductions 31/03/2021 31/03/2021 31/03/2020
Disposal Conclusion
1 Land 3,947.69 - 654.13 186.60 4,415.22 173.70 178.11 24.88 326.93 4,088.29 3,773.99
2 Buildings 53.25 - 45.33 (78.48) 177.06 7.91 32.28 (14.30) 54.49 122.57 45.34
including Roads
3 Plant and 3,246.37 - 1,510.72 - 4,757.09 198.20 206.96 - 405.16 4,351.93 3,048.17
Equipments
4 Tanks and 4.96 - 21.65 - 26.61 1.98 7.49 - 9.47 17.14 2.98
Pipelines
5 Vehicles 0.18 - - - 0.18 0.07 0.09 - 0.16 0.02 0.11
Total 7,252.45 - 2,231.83 108.12 9,376.16 381.86 424.93 10.58 796.21 8,579.95 6,870.59
Previous Year - 6,320.32 932.13 - 7,252.45 - 381.86 - 381.86 6,870.59 -
b) The following expenses have been charged to Consolidated Statement of Profit and Loss during the year
` in Crores
Interest on Lease liabilities 535.69 508.91
Expenses relating to Short term leases 1,324.44 757.90
Expenses relating to leases of Low value items 3.52 13.46
Expenses relating to Variable lease payments (not included in measurement of Lease liabilities) 4,791.35 4,774.15
c) Total Cash outflow for leases during FY 2020-21 is ` 6,721.71 Crores (Previous year ` 5,688.21 Crores)
d) Income from Sub leasing of Right-of-use assets recognised in Consolidated Statement of Profit and Loss during FY 2020-21 is ` 3.20 Crores
(Previous year ` 0.71 Crores)

364
e) Maturity Analysis of Lease Liabilities as per Ind AS 116 Leases
` in Crores
As at 31/03/2021
(` in Crores)
As at 31/03/2020

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:
Particulars Freehold Land Buildings Plant and Tanks & Furnitures Office Railway Vehicles ROU
Equipments Pipelines and Fixtures Equipment Sidings Assets
Accumulated depreciation - 28.73 45.65 85.00 5.65 6.34 33.91 0.01 0.17
As at 31st March 2020 (` in Crores)

Particulars Freehold Land Buildings Plant and Tanks & Furnitures Office Railway Vehicles ROU
Equipments Pipelines and Fixtures Equipment Sidings Assets
Accumulated depreciation - 23.02 40.92 70.33 5.44 4.17 27.80 - 0.12
b) Income earned from Operating Leases recognised in Consolidated Statement of Profit and Loss during FY 2020-21 is ` 51.50 Crores (Previous year
` 52.04 Crores) [Of which Variable lease payments that do not depend on index or rate is ` 7.61 Crores (Previous year ` 8.33 Crores)]
c) The maturity analysis of lease payments receivable under operating leases is as follows:
` 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 Payments receivable 26.72 26.28 26.29 26.29 6.65 1.76 113.99
` in Crores
As at 31/03/2020 Within 1 year 1 - 2 years 2 - 3 years 3 - 4 years 4 - 5 years > 5 years Total
Undiscounted Lease Payments receivable 29.65 29.19 28.79 28.85 28.91 90.15 235.54

NOTE 51 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 subsidiary NRL.
` in Crores
Amount recognized in the Statement of Profit and Loss 2020-21 2019-20
Defined Contribution Scheme 288.06 149.05
Defined Benefit Plans

The Group has the following Defined Benefit Plans :-
Gratuity
The Corporation and its 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.

NOTE 51 EMPLOYEE BENEFITS (CONSOLIDATED) (CONTD.)
a) Reconciliation of balances of Defined Benefit Obligations.

` in Crores
Particulars Gratuity - Funded Post Retirement Gratuity - Non Burmah Shell
Medical - Funded Funded Pension - Non Funded
2020-21 2019-20 2020-21 2019-20 2020-21 2019-20 2020-21 2019-20
Defined Obligations at the 1,142.66 1,140.70 1,587.24 1,287.05 0.26 0.42 72.14 71.78
Interest Cost 78.50 88.52 108.14 100.13 0.02 0.03 4.64 5.18
Current Service Cost 16.42 15.51 56.62 44.23 0.02 0.02 - -
Past Service Cost 23.64 - 56.89 - - - - -
Benefits paid (363.33) (170.27) (57.74) (49.63) - (0.20) (13.55) (14.96)
on obligations
- Changes in Demographic - - 179.73 - - - (1.32) -
Assumptions
- Changes in financial 3.13 58.72 (25.39) 208.75 - 0.01 0.33 1.77
Assumptions
- Experience adjustments (18.36) 9.48 (103.32) (3.29) 0.01 (0.02) 2.08 8.37
Impact due to sale of (73.94) - (77.04) - - - - -
stake in Subsidiary *
Defined Obligations at the 808.72 1,142.66 1,725.13 1,587.24 0.31 0.26 64.32 72.14
end of the year
b) Reconciliation of balances of Fair Value of Plan Assets in respect of Gratuity / Post Retirement Medical Fund
` in Crores
Particulars Gratuity - Funded Post Retirement
Medical - Funded
2020-21 2019-20 2020-21 2019-20
Fair Value at the beginning of the year 871.46 800.28 1,738.97 1,173.16
Interest income (i) 59.87 62.11 118.45 91.27
Return on Plan Assets, excluding interest income (ii) 5.76 1.58 44.79 (12.61)
Actual Return on Plan assets (i+ii) 65.63 63.69 163.24 78.66
Contribution by employer 7.52 8.99 43.37 535.43
Contribution by employee - - - 1.35
Benefits paid (2.13) (1.50) (57.74) (49.63)
Impact due to sale of stake in Subsidairy * (73.32) - (87.65) -
Fair Value of Plan Assets at the end of the year 869.16 871.46 1,800.19 1,738.97
c) Liabilites/(Assets) recognized in Balance sheet (a-b)

` in Crores
Particulars Gratuity - Funded Post Retirement Gratuity - Non Burmah Shell
Medical - Funded Funded Pension - Non Funded
2020-21 2019-20 2020-21 2019-20 2020-21 2019-20 2020-21 2019-20
Liabilites/(Assets) (60.44) 271.20 (75.06) (151.73) 0.31 0.26 64.32 72.14

recognized in Balance
sheet (a-b)


Movement in net defined benefit (Asset)/ Liability
` in Crores
Particulars Death/Permanent Re-settlement Ex-Gratia Felicitation
disablement - Allowance - Scheme - Scheme -
Non Funded Non Funded Non Funded Non Funded
2020-21 2019-20 2020-21 2019-20 2020-21 2019-20 2020-21 2019-20
a) Reconciliation of balances of Defined Benefit Obligations
Defined Obligations at the 12.34 11.26 17.48 16.67 375.47 341.88 79.70 84.45
Interest Cost 0.77 0.80 1.21 1.29 25.57 26.60 5.58 6.57
Past Service Cost - - (0.87) - 272.08 - 2.22 -
Benefits paid (7.05) (7.49) (5.03) (1.90) (28.67) (27.97) (2.23) (10.18)
on obligations
- Changes in Demographic - - - - 52.90 - 6.80 -
Assumptions
- Changes in financial Assumptions 0.51 2.12 0.05 1.05 (5.48) 28.82 (0.73) 6.62
Impact due to sale of stake - - (5.05) - - - (2.40) -
in Subsidiary *
Defined Obligations at the end 12.75 12.34 9.28 17.48 663.02 375.47 78.58 79.70
of the year
b) Amount recognized in 12.75 12.34 9.28 17.48 663.02 375.47 78.58 79.70
Balance sheet
c) Amount recognized in Statement of Profit and Loss
Past Service Cost - - (0.87) - 272.08 - 2.22 -
Interest Cost 0.77 0.80 1.21 1.29 25.57 26.60 5.58 6.57
Expenses for the year 0.77 0.80 3.98 4.81 303.60 32.26 9.85 8.94
d) Amount recognized in Other Comprehensive Income Remeasurements :
- Changes in Demographic
Assumptions - - - - 52.90 - 6.80 -
- Changes in financial
assumptions 0.51 2.12 0.05 1.05 (5.48) 28.82 (0.73) 6.62
Total 6.69 7.77 (2.10) (2.10) 12.62 29.30 (6.34) (3.51)
e) Major Actuarial Assumptions
Discount Rate (%) 6.06 6.24 6.82-6.87 6.87 6.91 6.81 6.87-6.91 6.81
Past Service cost is recognized in respect of Ex-Gratia Scheme as there has been an upwards revision in benefits under the scheme.
Past Service cost is recognised in respect of Resettlement Scheme mainly on account of implementation of Voluntary Retirement
Scheme. These Past Service Cost has been reclassified as Voluntary Retirement Scheme cost under Employee Benefits Expense during
the year.
* 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.

Sensitivity analysis for significant actuarial assumptions, showing how the defined benefit obligation would be affected, considering
increase/decrease of 1% as at 31st March 2021 is as below:
` in Crores
Particulars Gratuity - Post Gratuity - Burmah Death/ Resettlement Exgratia Felicitation
Funded Retirement Non shell Permanent allowance- scheme- Scheme -
Medical - Funded Pension- Disablement- Non funded Non Non
Funded Non Non funded funded Funded
Funded
+ 1% change in rate (52.43) (229.44) (0.01) (1.89) (2.77) (0.63) (50.16) (6.81)
of Discounting
- 1% change in rate 61.16 296.36 0.01 2.03 2.98 0.73 59.16 8.20
of Discounting
+ 1% change in rate 9.54 - - - - - - -
of Salary increase
- 1% change in rate (11.59) - - - - - - -
of Salary increase
Sensitivity analysis for significant actuarial assumptions, showing how the defined benefit obligation would be affected, considering
increase/decrease of 1% as at 31st March 2020 is as below: ` in Crores
Funded
+ 1% change in rate (65.43) (215.51) (0.01) (2.22) (2.53) (1.16) (29.64) (6.81)
of Discounting
- 1% change in rate 75.37 279.59 0.01 2.38 2.72 1.34 34.73 8.20
of Discounting
+ 1% change in rate 12.25 - - - - - - -
of Salary increase
- 1% change in rate (14.11) - - - - - - -
of Salary increase
Sensitivity for significant actuarial asssumptions 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 2021 are as follows:
` in Crores
Funded
Projected benefits payable in future years from the date of reporting
1st following year 117.96 80.21 0.20 13.54 3.01 1.26 44.28 9.32
2nd following year 62.14 92.01 - 9.83 2.52 0.58 44.24 2.68
3rd following year 85.58 98.18 - 8.28 2.10 0.95 42.62 2.75
4th following year 83.00 105.09 - 6.91 1.71 0.95 41.05 3.62
5th following year 76.91 112.26 0.06 5.70 1.50 0.89 39.52 3.81
Years 6 to 10 320.75 685.60 0.01 15.62 4.04 3.84 176.04 26.65

Other details as at 31st March 2021

Funded
Weighted average 9.00 16.00 - 4.00 6.00 9.00 9.00 11.00
duration of the
Projected Benefit
Obligation(in years)
Prescribed - - - - - - - -
contribution for
next year
(` in Crores)
Mortality Table
- During Employment Indian Assured Lives Mortality (2006-08)
- After Employment Indian Individual AMT (2012-15)
[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 years. The estimated shortfall in returns for the FY 2020-21 is
Nil (Previous year: ` 8.00 Crores). During FY 2020-21, there is reversal of provision towards estimated
shortfall in returns of ` 8.00 Crores (Previous year: Provision of ` 132.01 Crores for estimated interest shortfall
and provision for investment). The Fund balance is sufficient to meet the fund obligations as on 31st March 2021
and 31st March 2020.
The details of fund obligations of the Corporation are given below:
` in Crores
st st
Particular 31 March 2021 31 March 2020
Present Value of benefit obligation at period end 4,860.26 5,584.69
In case of NRL & BPRL, the contribution to Provident Fund is remitted to Employees Provident Fund Organisation
on a fixed percentge of the eligible employee's salary and charged to Statement of Profit and Loss.

NOTE 52 RELATED PARTY TRANSACTIONS (CONSOLIDATED)
a) Names of the Related parties

Joint Venture & Associate Companies
1. Indraprastha Gas Limited
2. Petronet India Limited *
3. Petronet CI Limited *
4. Petronet LNG Limited
5. Bharat Oman Refineries 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 & Petrochemicals Limited
23. Ujjwala Plus Foundation (Section 8 company)
24. Petroleum India International @
25. IBV (Brasil) Petroleo Ltda.
26. Taas India Pte Ltd
27. Vankor India Pte Ltd
28. Falcon Oil & Gas BV
29. Mozambique LNG 1 Company Pte Ltd
30. Mozambique LNG1 Holding Company Ltd
31. Mozambique LNG1 Financing Company Ltd.
32. Mozambique LNG 1 Co. Financing, LDA
33. LLC TYNGD
34. JSC Vankorneft
35. Urja Bharat Pte. Ltd.
36. DNP Limited ^
37. Brahmaputra Cracker and Polymer Limited ^
38. Assam Bio Refinery (P) Ltd. ^
39. Indradhanush Gas Grid Limited ^
40. IHB Private Limited
* Companies in the process of winding up
@ Dissolved during FY 2019-20
^ 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.

NOTE 52 RELATED PARTY TRANSACTIONS (CONSOLIDATED) (CONTD.)
Key Management Personnel :

1. Shri K. Padmakar, Director (Human Resources). He is holding additional charge of Chairman & Managing
Director w.e.f. 01.09.2020.
2. Shri D. Rajkumar, Chairman & Managing Director (Upto 31.08.2020)
3. Shri Arun Kumar Singh, Director (Marketing). He is holding additional charge of Director(Refineries)
w.e.f. 18.09.2020.
4. Shri R. Ramachandran, Director (Refineries) (Upto 31.08.2020)
5. Shri N. Vijayagopal, Director (Finance)
6. Shri M. Venugopal, Company Secretary (Upto 31.12.2019)
7. Smt. V. Kala, Company Secretary (w.e.f. 13.02.2020)
8. Shri Rajesh Kumar Mangal, Independent Director (Upto 30.11.2019)
9. Shri Vishal V Sharma, Independent Director (Upto 08.02.2020)
10. Dr. K. Ellangovan, Govt. Nominee Director
11. Smt. Jane Mary Shanti Sundharam, Independent Director (Upto 04.03.2020)
12. Shri Vinay Sheel Oberoi, Independent Director (Upto 09.04.2020)
13. Shri Harshadkumar P. Shah, Independent Director (w.e.f. 16.07.2019)
14. Shri Rajiv Bansal, Govt. Nominee Director (Upto 07.01.2020)
15. Shri Rajesh Aggarwal, Govt. Nominee Director (w.e.f. 08.01.2020)
b) The nature wise transactions and outstanding at period end of the Group with the above Related Party are as
follows:
` in Crores
Sr.No. Nature of Transactions 2020-21 2019-20
1. Purchase of goods 41,681.23 50,535.18
2. Sale of goods 3,283.59 3,549.87
3. Rendering of Services 142.86 142.92
4. Receiving of Services 347.08 425.44
5. Interest Income 114.39 114.38
6. Dividend Income and other receipts 350.23 243.13
7. Investment and Advance for Investments- Equity 1,372.13 987.98
8. Management Contracts (Employees on deputation / consultancy services) 35.82 36.07
9. Loan Given 15.00 -
10. Lease Rental & other charges received 33.92 33.19
11. Proceeds from reduction in Equity Investment 12.71 -
12. Lease Rental & Other Charges paid 0.10 0.10
13. Refund of Capital Contribution - 0.10
14. Deposit given 0.01 0.06
15. Deposit refund 0.01 -
16. Reduction in Financial Guarantee 633.24 -
17. Receivables as at year end 3,482.45 3,544.22
18. Payables as at year end 1,999.35 1,655.39
19. Commitments 3.62 -
20. Guarantee Outstanding 752.00 1,385.24
The outstanding balances are unsecured and are being settled in cash except advance against equities which are
settled in equity.

NOTE 52 RELATED PARTY TRANSACTIONS (CONSOLIDATED) (CONTD.)
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, entire Investment in Equity Shares of Numaligarh Refinery Limited have been sold to a consortium of
Oil India Limited and Engineers India Limited; and to Government of Assam during FY 2020-21 at a total
consideration of ` 9,875.96 Crores.
d) Key management personnel compensation
` in Crores
Particular 2020-21 2019-20
Short-term employee benefits 3.25 3.54
Post-employment benefits 0.73 0.63
Other long-term benefits 0.89 0.31
Others (including sitting fees to non-executive directors) 0.15 0.49
Share Based Payment 0.57 -
NOTE 53 DUES FROM DIRECTORS / OFFICERS (CONSOLIDATED)

Dues from Directors of the Corporation is ` 0.10 Crores (Previous year: ` 0.34 crores) and Dues from Officers of the
Corporation is ` 6.00 Crores (Previous year: ` 4.62 Crores)
NOTE 54 EARNINGS PER SHARE (EPS) (CONSOLIDATED)

i. Profit attributable to equity holders of the Corporation for basic and 16,164.98 3,055.36
diluted earnings per equity share (` in Crores)
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 (17.57) (20.24)
Investment in Shares” [Refer Note 46] (In Crores)
Less : Weighted average No. of Shares held by “BPCL ESPS Trust” (1.91) -
[Refer Note 46] (In Crores)

NOTE 54 EARNINGS PER SHARE (EPS) (CONSOLIDATED) (CONTD.)
` in Crores
iii. Weighted average number of ordinary shares for Diluted EPS
Weighted average number of shares for calculating basic EPS (in Crores) 197.45 196.69
Total Weighted average Potential Equity Shares * 0.65 -
Weighted average number of shares for calculating diluted EPS (in Crores) 198.10 196.69
iv. Basic EPS (`) 81.87 15.53
v. Diluted EPS (`) 81.60 15.53
* Diluted Impact of Employee Share Based Payment Scheme.
NOTE 55 SHARE BASED PAYMENT (CONSOLIDATED)
(a) Employee option plan

The Corporation has 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, given 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 is named as "BPCL Employee Stock
Purchase Scheme-2020" ("ESPS" / "Scheme"). The above scheme also covers the employees who have opted for
Voluntary Retirement Scheme (VRS) during the year.
As per Vesting Condition of the Scheme, the employee has to render services till the date of share transfer or
retirement (including VRS) and Death in Service whichever is earlier. In view of the above, the scheme has been
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 vest
and need to be exercised on 20th April 2021. Any options remaining unexercised at the end of the exercise period shall
lapse.
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 equity.

NOTE 55 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:
Particular 31st March 2021 31st March 2020

Numer of options WAEP (in `) Numer of options WAEP (in `)
Opening balance - - - -
Granted duing the period 4,33,79,025 126.54 - -
Exercised during the period - - - -
Forfeited during the period (1,69,775) 126.54 - -
Expired during the period (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 2021 is 20 days and the
exercise price is ` 126.54 per option.
(c) Fair value of options granted

The model inputs for options granted during the period ended 31st March 2021 and 31st March 2020 included:
Particular 31st March 2021 31st March 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 ` 940.72 Crores (Previous year : Nil) arising from share based payment transactions is recognized
in Consolidated Statement of Profit and Loss as an exceptional item.

NOTE 56 IMPAIRMENT OF ASSETS (CONSOLIDATED)
The Group assesses, at each reporting date, whether there is an indication of impairment of assets. Further, it is assumed
that suitable mechanism would be in place by the Government of India, in line with earlier/ current year(s), to provide
compensation towards under recoveries of margin, if any, and recoveries against Direct Benefit Transfer for LPG Scheme
on account of sale of sensitive petroleum products in subsequent years. The details for Impairment is as under:
BPRL has considered the general business conditions including impact of Covid-19 pandemic 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, 2021 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
Exceptional Item amounting to ` 293.88 Crores (Previous year: ` 596.34 Crores).
For Oil and Gas assets, the expected future cash flows are estimated using Operator’s / internal estimate of production,
expenditure, reserves volumes and long term crude oil & natural gas prices. The present value of cash flows for assets held
directly and assets held through BPRL Subsidiaries are determined by applying pre-tax-discount rate of ~10% p.a.
(31stMarch 2020: ~10% p.a.).
` in Crores
Impairment Loss classified under Exceptional Item Year ended Year ended
31st March 2021 31st March 2020
Impairment charge/(reversal) relating to Oil and Gas Assets * 293.88 596.34
Reversal of excess provision ** (14.24) -
279.64 596.34
Less: Intra Group adjustment 12.78 14.24
Exceptional Items - Expenses of the Group 266.86 582.10
* The recoverable value of block CB-ONN-2010/11 is ` 2.10 Crores (Previous year: CB-ONN-2010/11- ` 0. 49 Crores, CB-
ONN-2010/08- ` 4.61 Crores and Nunukan, Indonesia- ` 81.26 Crores). The recoverable value of other blocks considered
for impairment is Rs. Nil.
** Bharat PetroResources JPDA Limited has 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 has come to a "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 FY 2020-21.

NOTE 57 PROVISION RECONCILIATION (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 Utilisation Reversals Reduction due Closing
balance during during during to sale of balance
the year the year the year stake in
Subsidairy *
Excise 0.58 0.02 - - - 0.60
Customs 3.24 - - - - 3.24
Income Tax (TDS) 4.20 0.41 - - - 4.61
VAT/ Sales Tax/ Entry Tax/GST 349.86 79.92 - 18.43 - 411.35
Property Tax 55.99 83.93 5.86 4.63 64.97 64.46
Total 413.87 164.28 5.86 23.06 64.97 484.26
Previous year 593.78 117.83 127.03 170.71 - 413.87
The above provisions are made based on estimates and the expected timing of outflows is not ascertainable at this stage.
Above includes provision of ` 107.60 Crores (Previous year ` 107.00 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
` 98.73 Crores (Previous year: ` 125.63 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 ` 89.45 Crores towards liquidated
damages as on 31st March, 2021 (Previous year: ` 111.95 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 ` 9.28 Crores as on 31st March, 2021 (Previous year:
` 13.68 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
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.

NOTE 58 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.
` in Crores
Note Mandatorily FVOCI - Amortized Total Level 1 Level 2 Level 3 Total
As at 31/03/2021
such
Financial assets
Investment in equity instruments 8 - 423.81 - 423.81 328.10 - 95.71 423.81
Investment in debt instruments 8 & 14 5,282.71 - 0.01 5,282.72 5,282.71 - - 5,282.71
Derivative instruments - Commodity related 19 5.30 - - 5.30 - 5.30 - 5.30
Deposits 9 - - 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
Loan to Joint Venture - variable rate 9 1,939.51 - 15.00 1,954.51 - - 1,939.51 1,939.51
Investment in Mutual Fund 14 1,011.87 - - 1,011.87 1,011.87 - - 1,011.87
Investment in T bill 14 - - 499.69 499.69 499.66 - - 499.66
Loans
- Non-current-Loans to employee 9 - - 406.48 406.48 - 406.48 - 406.48
- Non-current-Other Loans 9 - - 526.71 526.71 - - - -
- Non-current- Others * 9 - - 1,033.51 1,033.51 - - - -
- Current * 18 - - 138.06 138.06 - - - -
Other Deposits 9 - - 72.59 72.59 - - - -
Cash and cash equivalents 16 - - 7,567.57 7,567.57 - - - -
Bank Balances other than Cash and cash equivalents 17 - - 542.54 542.54 - - - -
Trade receivables 15 - - 7,834.77 7,834.77 - - - -
Others
- Non-current 10 - - 47.91 47.91 - - - -
- Current 19 - - 589.09 589.09 - - - -
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 & 32 - - 15,377.44 15,377.44 16,105.78 - - 16,105.78
OIDB Loans 32 - - 793.70 793.70 - 793.89 - 793.89
Debentures 25 & 32 - - 4,294.62 4,294.62 4,343.25 - - 4,343.25
Term loans 25 & 32 - - 16,451.95 16,451.95 - - - -
Interest Free Loan from Govt. of Kerala 25 - - 34.48 34.48 - 34.48 - 34.48
Foreign Currency Loans - Syndicated 25 - - 5,491.21 5,491.21 - - - -
Lease Liabilities 25a & 32 - - 7,855.65 7,855.65 - - - -
Other Non-Current financial liabilities 26 - - 58.00 58.00 - - - -
Short term borrowings 30 - - 4,232.81 4,232.81 - - - -
Trade and Other Payables 31 - - 16,262.67 16,262.67 - - - -
Other Current liabilities 32 - - 19,915.21 19,915.21 - - - -
Total 19.03 - 90,767.74 90,786.77 - - - -
* Carrying amount of non-current loans includes of ` 988.31 Crores (Fair Value : ` 1,032.12 Crores) pertaining to Loans given to Consumers under PMUY scheme. Further, carrying amount of current loans
includes ` 67.48 Crores (Fair Value : ` 74.86 Crores) pertaining to Loans given to Consumers under PMUY scheme. The carrying amount of unamortized prepaid expenditure pertaining to PMUY Loans as
on 31st March 2021 is ` 146.88 Crores.

380
NOTE 58 FINANCIAL INSTRUMENTS (CONSOLIDATED) (CONTD.)
` in Crores
Note Mandatorily FVOCI - Amortized Total Level 1 Level 2 Level 3 Total
As at 31/03/2020
such

* Carrying amount of non-current loans includes carrying amount of ` 1,022.27 Crores (Fair Value: ` 1,025.71 Crores) pertaining to Loans given to Consumers under PMUY scheme. Further, carrying
amount of current loans includes ` 588.81 Crores (Fair Value: ` 595.04 Crores) pertaining to Loans given to Consumers under PMUY scheme. The carrying amount of unamortized prepaid expenditure
pertaining to PMUY Loans as on 31st March 2020 is ` 276.51 Crores.
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
Significant Inter-relationship
unobservable inputs between significant
Valuation technique unobservable inputs
Type
and fair value
measurement
Unquoted equity The Valuation is based on market Adjusted market The estimated fair value
shares (Cochin multiples derived from quoted prices of multiple (P/E) would increase/
International Airport companies comparable to investee and (decrease) if Adjusted
Limited) the expected revenue and PAT of the market multiple were
investee. higher/(lower)
Derivative Forward pricing: The fair value is Not applicable Not applicable
instruments - forward determined using quoted forward
exchange contracts exchange rates at the reporting date.
Derivative Discounted cash flows: The valuation Not applicable Not applicable
instruments - interest model considers the present value of
rate swap and expected receipt/payment discounted
currency swap using appropriate discounting rates.
This technique also involves using the
interest rate curve for projecting the
future cash flows.
Derivative Fair valuation of Commodity Derivative Not applicable Not applicable
instruments - instruments are based on forward
commodity contracts 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 Discounted cash flows: The valuation Not applicable Not applicable
assets and liabilities model considers the present value of
measured at expected receipt/payment discounted
amortised cost using appropriate discounting rates.
Loan to Joint Venture Binomial model: The share price is Share price (31st March Not applicable
(in case of BPRL) simulated using a Binomial model from 2021: 1) Credit spread
the valuation date to the maturity of the (31st March 2021:
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
Equity Loan to joint
Particulars securities venture (in case
of BPRL)
Opening Balance(1st April 2019) 114.30 1,803.37
Net change in fair value (unrealised) (47.68) (69.12)
Foreign Currency Translation Reserve (FCTR) - (4.14)
Effect of foreign exchange fluctuations - 170.81
Closing Balance (31st March 2020) 66.62 1,900.92
Opening Balance(1st April 2020) 66.62 1,900.92

Net change in fair value (unrealised) 29.09 (82.19)
Foreign Currency Translation Reserve (FCTR) - 172.49
Effect of foreign exchange fluctuations - (51.71)
Closing Balance (31st March 2021) 95.71 1,939.51
For the fair values of unquoted equity shares in case of Corporation and loan to joint venture in case of BPRL 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
As at 31/03/2021 As at 31/03/2020
Significant unobservable inputs Profit or loss Profit or loss
Increase Decrease Increase Decrease
P/E (5% movement) 4.79 (4.79) 3.33 (3.33)
Credit spread (10% movement) (32.66) 38.10 (17.75) 17.92
Share price (10% movement) 273.67 (319.28) 303.88 (303.88)
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’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
instuments 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 Group grants credit terms in the normal course of business.
As at 31st March 2021 and 31st March 2020, the Group’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 2021 and
31st March 2020
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 succesive 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
Gross carrying Weighted Loss allowance
As at 31st March, 2021 amount average loss
rate - range
Debts not due 5,129.84 0.27% 14.10
Debts over due 2,197.96 28.22% 620.21
Total 7,327.80 8.66% 634.31
` in Crores
Gross carrying Weighted Loss allowance
As at 31st March, 2020 amount average loss
rate - range
Debts not due 3,417.47 0.25% 8.38
Debts over due 2,352.17 13.62% 320.42
Total 5,769.64 5.70% 328.80
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
st
Balance as at 1 April, 2019 260.77
st
Balance as at 31 March, 2021 634.31

(b) Cash and cash equivalents and Other Bank Balances

The Group held cash and cash equivalents and other bank balances of ` 8,110.11 Crores at 31st March 2021 (Previous
Year: ` 1,164.84 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.
( c) 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.
(d) Investment in debt securities
Investment in debt securities are mainly as loans to subsidiaries, joint venture companies and investment in government
securites 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 Group through effective fund management. The Group has obtained fund and non-fund based
working capital lines from various banks. Furthermore, the Group 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
years

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
Foreign Currency Loans - Syndicated 5,734.06 74.67 5,659.39 - -

` in Crores
Contractual cash flows
years

Bonds 18,538.61 677.10 8,727.89 675.73 8,457.89
OIDB Loans 1,352.22 478.76 655.06 218.40 -
Term loans 15,442.31 474.08 9,566.89 4,536.79 864.54
Foreign Currency Loans - Syndicated 9,637.36 3,480.47 335.11 5,821.78 -
Financial guarantee contracts * 673.64 673.64 - - -
* Guarantees issued by the Group on behalf of subsidiary are with respect to borrowings raised by the respective entity.
These amounts will be payable on default by the concerned entity. As of the reporting date, none of the subsidiary/joint
venture have defaulted and hence, the Group does not have any present obligation to third parties in relation to such
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 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.
Exposure to currency risk
The currency profile in INR of foreign currency financial assets and financial liabilities as at 31st March 2021 and
31st March 2020 are as below:

` in Crores
As at 31st March, 2021 USD EURO JPY CHF Others
Financial assets
Cash and cash equivalents 25.12 0.16 - - 0.37
Trade receivables and other assets 1,758.73 - - - 0.04
Bonds 11,001.51 - - - -
Short term borrowings - - - - -
exchange contracts
` in Crores
As at 31st March 2020 USD EURO JPY CHF Others
Financial assets
Cash and cash equivalents 40.60 0.05 - - 0.29
Trade receivables and other assets 1,311.72 0.19 - - 0.03
Bonds 11,271.29 - - - -
Short term borrowings 7,666.75 - - - -
exchange contracts
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 Statement of Profit and Loss over the remaining life of the related Property, Plant and Equipment or the
remaining tenure of the borrowing respectively.

` in Crores
For the year ended 31st March 2021 Strengthening Weakening
3% movement
USD (700.05) 700.05
(700.05) 700.05
` in Crores
For the year ended 31st March 2020 Strengthening Weakening
3% movement
USD (1,007.29) 1,007.29
(1,007.29) 1,007.29
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:
` in Crores
Reference 31/03/2021 31/03/2020
Fixed-rate instruments
Investment in debt instruments 8 0.01 0.01
Investments in FD & TREP 16 6,289.93 -
Investment in T-Bills 14 499.69 -
Investment in debt instruments 14 5,282.71 5,208.54
Total of Fixed Rate Financial Assets 13,326.44 6,556.77
Bonds 25 & 32 15,377.44 15,539.45
OIDB Loans 25 & 32 793.70 1,187.31
Non- Convertible Debentures 25 & 32 4,294.62 2,299.48
Short term borrowings 30 4,232.81 10,054.63
Term Loan 25 & 32 34.48 31.76
Total of Fixed Rate Financial Liabilities 24,733.05 29,112.63

` in Crores
Reference 31/03/2021 31/03/2020
Variable-rate instruments
Loan to Joint Venture 9 15.00 -
Investment in Mutual Funds 14 1,011.87 -
Total of Variable Rate Financial Assets 2,966.38 1,900.92
Foreign Currency Loans - Syndicated * 25 & 32 5,491.21 8,864.19
Short term borrowings 30 - 7,740.52
Term loans 25 & 32 16,451.95 13,793.90
Total of Variable Rate Financial Liabilities 21,943.16 30,398.61
* In respect of Foreign Currency Loans, the Corporation has entered into Interest Rate Swaps of USD 65 Million (Previous
year: USD 75 Million)
Fair value sensitivity analysis for fixed-rate instruments
The Group 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 2021 by ` 46.61 Crores (Previous year: ` 54.48 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
2021 by ` 46.10 Crores (Previous year: ` 55.19 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 Group'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
st
As at 31 March 2021


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 2021 is as given below:
Product Gasoil - Gasoline Regrade(Jet Kero - Gasoil)

Unit USD/Bbl USD/Bbl
Mean 5.05 (2.97)
Standard Deviation 4.25 2.76
Max dev: 95% confidence 6.98 4.54
Mean + Max Dev : 95% (1.93) 1.56
Avg.Trade Price (2.76) (1.03)
st
Lots as on 31 March 2021 3.00 24.00
Standard Lot size 50000 BBL 50000 BBL
VAR USD million (0.12) 3.11
Total Portfolio VAR in USD million (without 3.11
considering inter-commodity 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 Crore
Profit or loss Other components of Equity
Effect in INR (before tax)
As at 31st March, 2021
1% movement
Total - - 4.24 (4.24)
` in Crore
Profit or loss Other components of Equity
Effect in INR (before tax)
As at 31st March, 2020
1% movement
Total - - 2.88 (2.88)

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 2021 and
31st March 2020.
The column ‘net amount' shows the impact on the Corporation's balance sheet if all set-off rights are exercised.
` in Crores
Effect of offsetting on the balance sheet Related amounts not offset
Note Gross Gross amounts Net amounts Financial Amount which Net Amount
Particulars
reference amounts set off in the presented in the Instrument can be offset
balance sheet balance sheet
Financial assets
Trade and other payables B&C 4,141.44 87.04 4,054.40 - - -

Financial assets
Trade and other payables B&C 5,408.93 2,085.86 3,323.07 - - -

Notes
A. The Corporation has Triparty Repo Settlement System limits from Clearing Corporation of India Limited, the
borrowings against which was ` 850 Crores as at 31st March 2021 (Previous year : ` 1,000 Crores). The limits are
secured by 7.59% Government Stock 2026 & T-Bills of ` 870 Crores (Previous year : ` 1,220 Crores Secured by
7.59% Government Stock 2026 & 6.90% Oil Marketing Companies GOI Special Bonds 2026).
B. The Corporation purchases and sells petroleum products from different Oil Marketing 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 59 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, 2021 is 0.87 (Previous year: 1.63).
Note: For the purpose of computing debt to equity ratio, equity includes Equity Share Capital and Other Equity and Debt
includes Long term borrowings, short term borrowings and current maturities of long term borrowings
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 ie. 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.

NOTE 60 SEGMENT REPORTING (CONSOLIDATED) (CONTD.)
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.
` in Crores
For the Period ended 31st March 2021 For the year ended 31st March 2020
Particulars * Downstream E&P Total Downstream E&P Total
Petroleum Petroleum
Revenue
External Customers 3,04,197.44 68.84 3,04,266.28 3,29,690.69 106.47 3,29,797.16
Inter-segment - - - - - -
Total Revenue - - 3,04,266.28 - - 3,29,797.16
Results
Segment Results 22,561.43 (333.51) 22,227.92 3,653.10 (694.52) 2,958.58
Unallocated Corporate Expenses - - - - - -
Operating Profit - - 22,227.92 - - 2,958.58
Add:
a) Interest Income - - 1,085.19 - - 1,059.72
b) Other Income (excluding Interest Income) - - 1,006.97 - - 646.96
c) Share of profit of equity accounted investees 785.59 (1,111.12) (325.53) 463.89 936.78 1,400.67
d) Fair valuation gain on instruments measured at FVTPL - - 160.88 - - 222.65
Less:
a) Finance Cost - - 1,723.41 - - 2,637.01
b) Income tax (including deferred tax) - - 5,112.19 - - (14.21)
Profit / (loss) after tax - - 17,319.83 - - 3,665.78
Other Information
Segment assets 1,25,410.07 21,753.97 1,47,164.04 1,17,053.89 22,300.21 1,39,354.10
Unallocated Corporate Assets - 13,827.99 - - 11,509.46
Total Assets - - 1,60,992.03 - - 1,50,863.56
Segment liabilities 50,315.69 229.17 50,544.86 42,088.27 277.83 42,366.10
Unallocated Corporate Liabilities - - 56,892.09 - - 69,908.80
Total Liabilities - - 1,07,436.95 - - 1,12,274.90
Depreciation and amortization 4,318.49 15.72 4,334.21 4,033.08 47.01 4,080.09
Gain from sale of stake in Subsidiary (Refer note No. 68(I)) 6,473.35 - 6,473.35 - - -
Employee Share based expenses 940.72 - 940.72 - - -
Net (gains)/loss on foreign currency transactions and translations - - (201.37) - - 1,669.11
Material Non-cash expenses other than depreciation and amortisation - - 1,342.50 - - 835.03
Segments assets include:
Investment in equity accounted investees 7,836.10 11,713.54 19,549.64 7,328.83 14,203.28 21,532.11
Capital expenditure 10,109.58 2,042.29 12,151.87 11,480.64 2,067.36 13,548.00
* 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

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, 2021 31st March, 2020
I) Revenue
India 3,04,266.28 3,29,797.16
Other Countries - -
Mozambique - -
Singapore - -
Other Countries - -
Total Revenue 3,04,266.28 3,29,797.16
II) Non-current Assets *
India 82,299.14 80,646.58
Other Countries
Mozambique 9,203.54 7,278.64
Singapore 7,991.98 8,944.21
Other Countries # 3,727.62 5,444.58
Total Non-current Assets 1,03,222.28 1,02,314.01
* 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.
NOTE 61 MICRO, SMALL AND MEDIUM ENTERPRISES (CONSOLIDATED)

To the extent, the Corporation has received intimation from the “suppliers” regarding their status under the Micro, Small
and Medium Enterprises Development Act, 2006. The details regarding Micro and Small enterprises are provided as under:
` in Crores
As at As at
Particulars 31/03/2021 31/03/2020
Principal amount overdue (remaining unpaid) as on 31st March - -
st
Interest due thereon remaining unpaid as on 31 March - -
Payment made during the year after the due date
Principal 14.38 -
Interest - -
st
Interest accrued and remaining unpaid as at 31 March 0.07 0.01

NOTE 62 CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS (CONSOLIDATED)
` in Crores
As at As at
Particulars 31st March, 2021 31st March, 2020
(a) Contingent Liabilities :
In respect of Income Tax matters 791.88 791.88
Other Matters :
i) Claims against the Group not acknowledged as debts * :
Excise and customs matters 234.82 415.60
Service Tax matters 10.40 6.68
Sales tax/VAT/GST matters 3,480.27 3,369.02
Land Acquisition cases for higher compensation 244.44 126.97
Others 329.25 251.78
* These include ` 1,180.78 Crores (Previous year: ` 1,241.94 Crores) against which the Group has a recourse for
recovery and ` 97.57 Crores (Previous year: ` 121.69 Crores) which are on capital account.
ii) Claims on account of wages, bonus / ex-gratia payments in 55.03 29.65

respect of pending court cases
iii) Guarantees 959.91 1,071.33
iv) Share of Interest in Joint Ventures & Associates 1,056.53 1,034.17
(b) Capital Commitments :
i) Estimated amount of contracts remaining to be executed 5,160.23 6,295.01
on capital account and not provided for
ii) Share of Interest in Joint Ventures & Associates 1,388.72 1,830.50

NOTE 63 NON-CONTROLLING INTERESTS (NCI) (CONSOLIDATED)
Below is the partly owned subsidiary of the Company and the respective share of the non-controlling interests.
Sr. Name Country of Incorporation Non-controlling interest

No. As at As at
31/03/2021 31/03/2020
1. Numaligarh Refinery Limited India - 38.35%
The principal place of business of the entity listed above is the same as their respective country of incorporation.
The following table comprises the information relating to the subsidiary that has material Non-Controlling Interest (NCI):
` in Crores
Particulars Numaligarh Refinery Limited

As at As at
31/03/2021 31/03/2020
NCI percentage - 38.35%
Non Current Assets - 3,857.50

Current Assets - 3,104.59
Non Current Liabilities - 289.17
Current Liabilities - 1,280.92
Net Assets - 5,392.00
Net assets attributable to NCI (before adjustment) - 2,067.88
Less: Elimination of Stock Margin - 11.55
Net assets attributable to NCI (after adjustment) - 2,056.33
Revenue 18,264.95 14,242.10
Profit 3,048.13 1,533.45
Other Comprehensive Income 12.42 (31.30)
Profit allocated to NCI 1,154.85 610.42
OCI allocated to NCI 4.76 (12.00)
Total comprehensive income allocated to NCI 1,159.61 598.42
Cash flow from operating activities 3,702.98 1,398.93
Cash flow from investing activities (1,798.08) 362.20
Cash flow from financing activities (1,744.97) (1,695.07)
Net Increase (decrease) in cash and cash equivalents 159.93 66.06
Dividends paid to Non-controlling interest (Including DDT) (1,057.93) (612.19)

NOTE 64 DISCLOSURES AS REQUIRED UNDER SCHEDULE III TO THE COMPANIES ACT, 2013 WITH RESPECT TO
CONSOLIDATED FINANCIAL STATEMENTS (CONSOLIDATED)
Net Assets i.e., Total Assets Share in Share in Other Share in Total
minus Total Liabilities Profit or Loss Comprehensive Income Comprehensive Income
Sr. As % of Amount in As % of Amount in As % of Amount in As % of Total Amount in
Name of the Entity
No. Consolidated ` Crores Consolidated ` Crores Consolidated Other ` Crores Comprehensive ` Crores
Net Assets Profit or Loss Comprehensive Income
Income
Parent
1. Bharat Petroleum Corporation Limited 101.80% 54,544.55 117.70% 19,041.67 -5.30% 68.39 128.30% 19,110.06
Subsidiaries
Indian
1. Bharat PetroResources Limited 2.50% 1,353.19 -11.70% (1,883.31) 105.90% (1,356.50) -21.90% (3,239.81)
2. Numaligarh Refinery Limited ^ - - 18.90% 3,048.13 -1.00% 12.42 20.60% 3,060.55
3. Bharat Gas Resources limited 1.70% 900.10 - 0.36 - - - 0.36
4. Non-Controlling interest ^ - - -7.10% (1,154.85) 0.40% (4.76) -7.90% (1,159.61)
Joint Ventures
Indian
1. Bharat Oman Refineries Limited 5.70% 3,040.95 -0.30% (48.39) -0.10% 1.13 -0.30% (47.26)
2. Bharat Renewable Energy Limited * - - - - - - - -
3. Bharat Stars Services Private Limited - 22.29 - (1.49) - (0.03) - (1.52)
4. Central U.P. Gas Limited 0.20% 105.91 0.10% 19.66 - 0.04 0.10% 19.70
5. Delhi Aviation Fuel Facility 0.20% 91.97 - (4.60) - - - (4.60)
Private Limited
6. Maharashtra Natural Gas Limited 0.30% 185.42 0.20% 38.61 - - 0.30% 38.61
7. Sabarmati Gas Limited 0.80% 407.36 0.70% 113.51 - (0.06) 0.80% 113.45
8. Mumbai Aviation Fuel Farm Facility 0.20% 87.24 - 0.39 - - - 0.39
Private Limited
9. Kochi Salem Pipeline Private Limited 0.40% 192.94 - (1.99) - - - (1.99)
10. BPCL- KIAL Fuel Farm Facility Private - (0.59) - (4.48) - - - (4.48)
Limited
11. Haridwar Natural Gas Private Limited - 20.02 - 0.34 - - - 0.34

398
NOTE 64 DISCLOSURES AS REQUIRED UNDER SCHEDULE III TO THE COMPANIES ACT, 2013 WITH RESPECT TO
CONSOLIDATED FINANCIAL STATEMENTS (CONSOLIDATED)
Net Assets i.e., Total Assets Share in Share in Other Share in Total
minus Total Liabilities Profit or Loss Comprehensive Income Comprehensive Income
Sr. As % of Amount in As % of Amount in As % of Amount in As % of Total Amount in
Name of the Entity
No. Consolidated ` Crores Consolidated ` Crores Consolidated Other ` Crores Comprehensive ` Crores
Net Assets Profit or Loss Comprehensive Income
Income
12. Goa Natural Gas Private Limited - 24.05 - (0.44) - - - (0.44)
13. Ratnagiri Refinery & Petrochemicals 0.10% 31.91 - (4.36) - - - (4.36)
Limited
14. IHB Private Limited 0.80% 414.75 - 1.56 - - - 1.56
Foreign

1. Matrix Bharat Pte Ltd - 16.07 - 0.27 - 0.42 - 0.69
Associates
1. GSPL India Gasnet Limited 0.30% 170.61 - 1.78 - 0.02 - 1.80
2. GSPL India Transco Limited 0.10% 52.97 - (7.16) - 0.01 - (7.15)
3. Fino PayTech Limited 0.10% 35.11 -0.10% (10.59) - (0.40) -0.10% (10.99)
4. Petronet LNG Limited 2.70% 1,468.78 2.20% 359.92 - - 2.40% 359.92
5. Petronet CI Limited * - - - - - - - -
6. Indraprastha Gas Limited 2.70% 1,420.79 1.60% 259.38 - (0.04) 1.70% 259.34
7. Kannur International Airport Limited 0.30% 141.81 -0.10% (23.13) - - -0.20% (23.13)
8. Petronet India Limited 0.00% - - - - - 0.00% -
Intra Group Elimination -20.90% (11,173.12) -22.10% (3,575.81) - - -23.90% (3,575.81)
Total 100% 53,555.08 100% 16,164.98 100% (1,279.36) 100% 14,885.62
* Associates / Joint Ventures have not been considered for consolidation
^ 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
NOTE 65 REVENUE FROM CONTRACTS WITH CUSTOMERS IN RESPECT OF THE
CORPORATION (CONSOLIDATED)
A. Contract balances
` in Crores
As at As at
Contract liabilities 499.36 302.45
The contract liabilities primarily relates to the liability towards customer loyalty program for unutilized points and
the upfront bidding fees/fixed fees pertaining to Retail Outlets.
Movement in contract liabilities is as follows ` in Crores

At beginning of the year 302.45 201.68
Increases due to cash received, excluding amounts recognised as 250.52 160.46
revenue during the year
Revenue recognised during the year that was included in the contract
liability balance at the beginning of the year 53.61 59.69
At end of the year 499.36 302.45
NOTE 66 ADDITIONAL INFORMATION AS APPEARING IN THE FINANCIAL

STATEMENTS OF BPRL (CONSOLIDATED)
I. Joint Operations
The Group has participating interest in the nature of Production Sharing Contracts (PSC) 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, 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) In respect of Block CB/ONN/2010/8 and CB/ONHP/2017/9 , the Group is operator. The Group is also operator for one
DSF block, i.e. Karaikal Block in which it holds 100% participating interest. Of the other DSF blocks, 2 block have been
relinquished and other 2 block have been deemed terminated by the DGH. The Group's share of the assets, liabilities,
income and expenditure have been recorded under respective heads based on the audited financial statements.
ii) Out of the remaining eight Indian Blocks (Previous year eight), block RJ/ONN/2005/1 has been proposed for
relinquishment for which approval is pending from Director General of Hydrocarbons (DGH) and MB/OSN/2010/2
has been relinquished. Out of the remaining six Indian Blocks (previous year six), the Group has received one
(Previous year: nil) audited financial statements as at March 31, 2021 and this has been considered in the financial
statements of the Company, unaudited financial statements for four (previous year three) blocks and billing
statement (Statement of Expenses) for remaining one block from the operator for the period upto 31st March 2021.
The assets, liabitilities, income & expenses are accounted on the basis of of such statments received.
iii) In respect of both (previous year both) the Joint Venture blocks, EP413 and Block 32 (blocks outside India) the
assets, liabilities, income and expenditure have been incorporated on the basis of unaudited financial statements as at
31st March 2021. As at 31st March, 2021, Block 32 stands relinquished.

iv) In respect of blocks in Mozambique and Indonesia (previous year both) 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 2021.
Details of the Group's Participating Interest (PI) in the blocks are as under:
Participating Interest
Name Company Country of the Group
31/03/2021 31/03/2020
Blocks in India
NELP – IV
CY/ONN/2002/2 BPRL India 40.00% 40.00%
NELP – VI
CY/ONN/2004/2 BPRL India 20.00% 20.00%
NELP – VII
RJ/ONN/2005/1 BPRL India 33.33% 33.33%
NELP – IX
CB/ONN/2010/11 * BPRL India 25.00% 25.00%
AA/ONN/2010/3 BPRL India 20.00% 20.00%
CB/ONN/2010/8 # BPRL India 25.00% 50.00%
MB/OSN/2010/2 ## BPRL India - 20.00%
Discovered Small Fields (DSF)

CY/ONDSF/KARAIKAL/2016 BPRL India 100.00% 100.00%
RJ/ONDSF/BAKHRI TIBBA/2016 ## BPRL India - 100.00%
RJ/ONDSF/SADEWALA/2016 ## BPRL India - 100.00%
MB/OSDF/B15/2016 ## BPRL India - 100.00%
MB/OSDF/B127E/2016 ## BPRL India - 100.00%
OALP
CB-ONHP-2017/9 BPRL India 60.00% 60.00%
AA-ONHP2017/12 BPRL India 10.00% 10.00%
CY-ONHP-2017/1 BPRL India 40.00% 40.00%
Blocks outside India
JPDA 06-103 (e) BPR JPDA Australia/Timor 20.00% 20.00%
EP-413 BPRL Australia 27.80% 27.80%
Block 32 ## BPRL Israel - 25.00%
Mozambique Rovuma Basin BPRL Ventures Mozambique 10.00% 10.00%
Mozambique B.V.
Nunukan PSC, Tarakan Basin BPRL Ventures Indonesia 12.50% 12.50%
Indonesia B.V.
* BPRL Share 29.41% in development phase.

# BPRL Share 50% in development phase.
## Blocks were relinquished

NOTE 66 ADDITIONAL INFORMATION AS APPEARING IN THE FINANCIAL
STATEMENTS OF BPRL (CONSOLIDATED)
The table below provides summarised financial information of the Group's share of assets, liabilities, income and
expenses in the joint operations:
` in Crores
st st
Particulars 31 March 2021 31 March 2020
Property, plant and equipment 0.77 0.80
Other Intangible assets 99.60 103.74
Intangible asset under development * 10,258.98 8,237.89
Other Non-Current Assets 2.61 7.34
Current Assets including financial assets ** 28.62 50.84
Cash and Bank Balances 1.63 2.68
Current & Non Current Liabilities / Provisions 290.52 350.40
including financial liabilities
Expenses 19.32 20.99
Income 68.84 106.47
* Includes ` 1,024.08 Crores (Previous year ` 741.86 Crores) which has been provided for by the Group.
** Includes ` 10.70 Crores (Previous year ` 10.67 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 0.20 1,050.05
Addition/(Reduction) 0.15 (904.19)
Production 0.04 13.58
Closing 0.31 132.28
MMm3 = Million Cubic Meters
COVID-19 pandemic, globally and in India, is causing significant disturbance in economic and business activities.
Management has assessed the potential impact of COVID-19 based on the current circumstances and expects no
significant impact on the continuity of operations of the business on long term basis/ on useful life of the assets/ on
financial position etc.

(I) Numaligarh Refinery Limited (NRL)

The Corporation has sold its entire shareholding in NRL i.e. 45,35,45,998 equity shares of ` 10/- each (constituting
61.65% of the total equity capital of NRL) 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 have been sold to a consortium of Oil India Limited and Engineers India Limited; and to
Government of Assam at total consideration of ` 9,875.96 Crores.
The details of Gain on sale of equity shares of NRL is ` 6,473.34 Crores, which has been shown as an Exceptional
item in the Consolidated Statement of Profit and Loss, is as under:
` in Crores
Particulars Amount
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
(II) Bharat Gas Resource Limited (BGRL)

During FY 2020-21, the Board has 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 2021 and will be completed after obtaining approval from respective
authorities.
(III) Bharat Oman Refineries Limited (BORL)
The Corporation holds 63.38% of Equity Shares in the Joint Venture Company BORL. Corporation has finalized
commercial terms and has entered into 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 31st March 2021, regarding the purchase of the
88,86,13,336 equity shares of BORL, constituting 36.62% of the equity share capital, for a consideration of around
` 2,399.26 Crores. Pending closure of the transaction as per the SPA which is expected to be completed in
FY 2021-22, BORL continues to be treated as a Joint Venture as on 31st March 2021.

NOTE 69 EXCEPTIONAL ITEMS - EXPENSES / (INCOME) (CONSOLIDATED)
` in Crores
Employee Share Based Expenses (Refer Note 55) 940.72 -
Impairment of Investment in Oil and Gas Blocks (Refer Note 56) 266.86 582.10
Gain on sale of stake in Subsidiary (Refer Note 68(I)) (6,473.34) -
Write down of Inventory *
- Raw Material - 54.97
- Finished Goods, Stock-in-trade & Work-in-progress - 1,255.38
Exceptional Items Expenses / (Income) (5,265.76) 1,892.45
* During FY 2019-20, due to outbreak of COVID-19 globally and resultant lockdown in many countries including India,
there had been significant volatility and sharp reduction in the prices of Crude Oil and Petroleum Products, which has
resulted in significant write-down of Inventories to Net Realisable Value (NRV).
Figures of the previous year have been regrouped wherever necessary, to conform to current period presentation.
Sd/-
Sd/- Sd/- Sd/- Sd/-
Place : Mumbai

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 2021
PART “A”: SUBSIDIARIES
Sr.No. Particulars (Amounts in ` Crores)

1. Name of the subsidiary Numaligarh Bharat Petro Bharat Gas
Refinery Resources Resources
Limited * ^ Limited * Limited
2. The date of incorporation/ since when subsidiary 07-11-2006 17-10-2006 07-06-2018
was acquired
3. Reporting period for the subsidiary concerned, if NA NA NA
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 - 6,150.00 908.62
6. Reserves & Surplus - (4,796.82) (8.52)
7. Total Assets - 24,263.36 1,012.09
8. Total Liabilities - 22,910.18 111.99
9. Investments - 11,713.54 -
10. Turnover 18,174.64 68.84 194.91
11. Profit/(loss) before Taxation (A) 4,072.91 (1,890.82) 0.35
12. Provision for taxation (B) 1,024.77 (7.52) (0.01)
13. Profit after Taxation (A) - (B) 3,048.14 (1,883.31) 0.36
14. Extent of shareholding (in percentage) 61.65% 100.00% 100.00%
* figures based on consolidated financial statements of the Company.
^ 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 ben carried out in line with applicable Ind AS.

PART “B”: ASSOCIATES AND JOINT VENTURES
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures
(` 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 Sheet the Associate held by the company on the year end of how there the associate attributable to
Sr. Amount of
Date or Joint No. Extent of is significant / Joint Shareholding as Considered in Not
No. Name of Associates or Joint Ventures Investment in Holding (in
Venture was influence Venture is not per latest audited Consolidation Considered in
associated or Associates or percentage) consolidated Balance Sheet Consolidation
acquired Joint Venture (Refer Note 4)
1. Indraprastha Gas Limited 1&3 31-Mar-20 27-04-2000 15,75,00,400 31.50 22.50% 1,205.54 259.38
2. Petronet LNG Limited 1&3 31-Mar-20 24-05-2001 18,75,00,000 98.75 12.50% 1,390.12 359.92
3. Bharat Oman Refineries Limited 31-Mar-21 23-12-1993 1,53,82,16,114 1,538.61 63.38% 2,922.58 (27.11)
4. Central UP Gas Limited 3 31-Mar-20 26-07-2004 1,49,99,600 15.00 25.00% 88.92 19.66
5. Maharashtra Natural Gas Limited 3 31-Mar-20 26-07-2004 2,24,99,600 22.50 22.50% 160.31 38.61
6. Sabarmati Gas Limited 3 31-Mar-20 04-04-2006 99,87,400 122.40 49.94% 298.40 113.51
7. Bharat Stars Services Private Limited 1&3 31-Mar-20 25-04-2007 1,00,00,000 10.00 50.00% 24.06 (1.49)
8. Matrix Bharat Pte Limited 31-Dec-20 03-03-2008 2,50,000 1.05 50.00% 16.07 0.27
9. Delhi Aviation Fuel Facility Private Limited 31-Mar-21 22-09-2009 6,06,80,000 60.68 37.00% 91.97 (3.04)
10. Bharat Renewable Energy Limited 2&5 19-05-2008 33,60,000 3.36 33.33% By virtue of Note 2 - - Note 2
11. Petronet CI Limited 2 18-10-2000 15,84,000 1.58 11.00% shareholding Note 2 - - Note 2
12. Petronet India Limited 4 31-Mar-21 17-12-1998 1,60,00,000 0.16 16.00% /Joint Note 5 0.43 0.02 Note 5
13. GSPL India Gasnet Limited 3 31-Mar-20 30-04-2012 17,51,22,128 175.12 11.00% venture 97.30 1.78
14. GSPL India Transco Limited 3 31-Mar-20 30-04-2012 6,40,20,000 64.02 11.00% agreements 50.21 (7.16)
15. Kannur International Airport Limited 31-Mar-19 31-03-2014 2,16,80,000 216.80 16.20% Note 3 180.60 (23.13)
16. Fino PayTech Limited 1&3 31-Mar-20 29-07-2016 2,84,35,423 251.00 20.73% 45.08 (14.81)
17. Kochi Salem Pipeline Private Limited 31-Mar-21 30-12-2014 20,25,00,000 202.50 50.00% 192.94 (1.99)
18. Mumbai Aviation Fuel Farm Facility 31-Mar-21 06-03-2014 4,82,88,750 48.29 25.00% 87.24 0.39
Private Limited
19. BPCL-KIAL Fuel Farm Private Limited 31-Mar-21 29-12-2014 66,60,000 6.66 74.00% (0.59) (4.48)
20. Haridwar Natural Gas Private Limited 3 31-Mar-20 24-12-2015 2,22,00,000 22.20 50.00% 19.69 0.34
21. Ratnagiri Refinery & Petrochemical Limited 31-Mar-21 14-06-2017 5,00,00,000 50.00 25.00% 31.91 (4.36)
22. IHB Private Limited 31-Mar-21 09-07-2019 41,45,00,000 414.50 25.00% 414.75 1.56
23. Goa Natural Gas Private Limited 31-Mar-21 21-11-2016 2,63,80,000 26.38 50.00% 24.05 (0.44)
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
Note 5 : Percentage of holding disclosed is based on Joint Venture agreement.
Sd/-
Sd/- Sd/- Sd/- Sd/-
Place : Mumbai

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ANNUAL REPORT

ARUN KUMAR SINGH N. VIJAYAGOPAL R. RAMACHANDRAN

DR. K. ELLANGOVAN RAJESH AGGARWAL VINAY SHEEL OBEROI

BANKERS AUDITORS SHARE TRANSFER AGENT

• State Bank of India M/s. CVK & Associates

Standalone Capital Expenditure

Reﬁnery Throughput (Million Metric Tonnes) Produc�on (Million Metric Tonnes)

Book Value per Share

Financial Year 2019-20 Financial Year 2020-21

Standard NAAQS limits (DAILY AVERAGE) Actual Standard Actual

Standard NAAQS limits (DAILY AVERAGE) Actual Standard Actual

Name of the Cost Auditor Activities / Location Audit Fees

Annual Report 2020-21 13

14 Bharat Petroleum Corporation Limited

Annual Report 2020-21 15

16 Bharat Petroleum Corporation Limited

Annual Report 2020-21 17

Type of shareholders Login Method

18 Bharat Petroleum Corporation Limited

Login type Helpdesk details

Annual Report 2020-21 19

Manner of holding shares i.e. Your User ID is:

20 Bharat Petroleum Corporation Limited

Annual Report 2020-21 21

22 Bharat Petroleum Corporation Limited

Annual Report 2020-21 23

By Order of the Board of Directors

24 Bharat Petroleum Corporation Limited

Annual Report 2020-21 25

CONSOLIDATED GROUP RESULTS 2020-21 2019-20

Financial Performance ` in crore

26 Bharat Petroleum Corporation Limited

Financial Performance ` in crore

Annual Report 2020-21 27

28 Bharat Petroleum Corporation Limited

Annual Report 2020-21 29

30 Bharat Petroleum Corporation Limited

Annual Report 2020-21 31

Parameters Mumbai Refinery Kochi Refinery

32 Bharat Petroleum Corporation Limited

Annual Report 2020-21 33

34 Bharat Petroleum Corporation Limited

Annual Report 2020-21 35

36 Bharat Petroleum Corporation Limited

Annual Report 2020-21 37

38 Bharat Petroleum Corporation Limited

Annual Report 2020-21 39

40 Bharat Petroleum Corporation Limited

Annual Report 2020-21 41

42 Bharat Petroleum Corporation Limited

Annual Report 2020-21 43

44 Bharat Petroleum Corporation Limited

Annual Report 2020-21 45

46 Bharat Petroleum Corporation Limited

Annual Report 2020-21 47

48 Bharat Petroleum Corporation Limited

Annual Report 2020-21 49

50 Bharat Petroleum Corporation Limited

Annual Report 2020-21 51