Bharat Petroleum Corporation Limited · NSE:BPCL
Bharat Petroleum — Q3 FY25 Earnings Presentation
42 slides from Bharat Petroleum's earnings presentation, January 2025
Slide 1: Bharat Petroleum Corporation Limited Investor Presentation
Bharat Petroleum Corporation Limited Investor Presentation January 2025
Slide 2: Disclaimer
2 Disclaimer No information contained herein has been verified for truthfulness completeness, accuracy, reliability or otherwise whatsoever by anyone. While the Company will use reasonable efforts to provide reliable information through this presentation, no representation or warranty (express or im
Slide 3: Table of Contents
Table of Contents PA G E PA G E PA G E PA G E 4 13 20 25 Corporate Strategy Performance Business Segments Overview Overview Overview Overview 3
Slide 4: Corporate Overview
SECTION 1 Corporate Overview 4
Slide 5: Nurturing the core, future big bets, moving towards net-zero
NURTURING THE CORE, FUTURE BIG BETS, MOVING TOWARDS NET-ZERO, DELIVERING SHAREHOLDER RETURNS Best-in-class refining Strong retail assets and Big bets on gas, Sustained growth assets and operational pioneer in marketing petrochemicals & in profit performance initiatives green energy Fueling the next
Slide 6: Introduction
Introduction Conferred with “Maharatna”* status by GoI in 2017 India’s 5th largest 258 ranking on company by turnover Fortune 500 – in 2023 with revenue 2024 global list of INR 5.3 Lakh Cr 5 th 258 Recipient of Oil Marketing – Company of the Year in 2022 by FIPI India’s 2nd largest Oil India’s 3rd l
Slide 7: Our Journey
Our Journey Consistent growth in the last 15 years Consolidated Maharatna* Revenue PAT 2017 INR Cr Ethylene Our History cracker plant & BORL Petchem 5,09,227 26,859 1928: Burmah-Shell (01.07.22) & complex at 2024 formed PDPP BGRL Bina refinery Petchem (16.08.22) announced BORL Project, amalgamated 1
Slide 8: Asset Portfolio
Asset Portfolio Refining & Petrochemicals Assets 3 Refineries 35.3 MMT 0.83 MMT Strategically located Refining Capacity Petrochemicals capacity Storage Infrastructure 79 54 5 Retail Depots LPG Bottling Plants Lube blending plants Distribution Pipeline 3,537 km (including 937 km Vadinar Bina Crude Pi
Slide 9: Major Subsidiaries, JVs & Associates
Major Subsidiaries, JVs & Associates Subsidiaries Joint Ventures & Associates City Gas Aviation Upstream Pipelines LNG Distribution Services 22.50% 50.00% 50.00% 12.50% Kochi Salem Pipeline Bharat Stars Services Indraprastha Gas Ltd. Petronet LNG Ltd. Pvt. Ltd. Pvt. Ltd. 100.00% 25.00% 11.00% 37.00%
Slide 10: Our CSR Initiatives
Our CSR Initiatives ~INR 1400+ Crores spent in last 10 years (FY15-24) Community Environmental Health and Skill Education (Rural and Slum Sanitation Development development) Sustainability Beneficiaries 80L+ 5L+ 42k+ 25L+ 15L+ • 70k+ beneficiaries screened • 1000+ students benefit • Skill Developmen
Slide 11: BPCL Net Zero Roadmap
BPCL Net Zero Roadmap Our target is to achieve Scope 1 and Scope 2 net-zero emissions by 2040 % Scope 1 & 2 emission savings targeted* 9% 9% 100% 14% 19% 20% 29% Renewable Green Energy Bio-CNG Energy CCUS Hydrogen Efficiency Offsets Total 5.6 TPD plant at Kochi 95 MW operational, 176 Lab scale SMB 2
Slide 12: Strategy Overview
SECTION 2 Strategy Overview 12
Slide 13: Our strategic framework for FY24-FY29 to fuel growth
Our strategic framework for FY24-FY29 to fuel growth Grow share in India’s energy mix Net-zero by 2040 1 Nurture the Core 2 Future Big Bets Digital A Refining B Marketing C Upstream A Gas B Petrochemicals C Green Energy D Non-fuel E Ventures Expansion of Bina Market leadership in Commercialization o
Slide 14: Strong competitive moats leading to solid outcomes (1/3)
Strong competitive moats leading to solid outcomes (1/3) Refineries Marketing Outcomes Asset capacity: 35.3 MMTPA currently, potential to expand to 45 MMTPA Highest ever domestic market sales (51.04 MMT in FY24) and market share of 25.37% amongst PSUs Operational excellence and high quality of asset
Slide 15: Strong competitive moats leading to solid outcomes (2/3)
Strong competitive moats leading to solid outcomes (2/3) Upstream Gas Outcomes Diversified portfolio: Investments across 15 blocks spanning 6 countries Upward growth trajectory: 2x CGD sales volume growth in FY24 Russia, UAE and India blocks: Production of 1.78 MMT of oil and 0.85 BCM of gas in FY24
Slide 16: Strong competitive moats leading to solid outcomes (3/3)
Strong competitive moats leading to solid outcomes (3/3) Petrochemicals Green Energy Outcomes Capacity Utilization improved from 70% in FY24 to 75% in 9M25 Construction and installed capacity: 266 MW (95 MW operationalized; 171 MW under construction) Petrochemicals capacity: Target to increase from
Slide 17: Capex plan of ~INR 1.7 Lakh crores
Capex plan of ~INR 1.7 Lakh crores Key capex guardrails Planned Capex CAPEX committed* Refineries & Differentiated long term bets with measurable 75k Cr 54k Cr Petrochemicals goals, linked to future cash flows CGD/ Gas 25k Cr 15k Cr Prudent capital allocation, tied to a positive business case and re
Slide 18: Major Projects
Major Projects Ethylene Cracker Project Polypropylene Project Major Pipeline at Bina Refinery at Kochi Refinery Projects Pipeline Capacity Investment Expected • Ethylene cracker and downstream • Polypropylene Project with ~INR 5k Project (MMTPA) (INR Cr) Completion petrochemical plants with ~INR 50k
Slide 19: Performance Overview
SECTION 3 Performance Overview 19
Slide 20: 9M FY25 - Key Highlights
9M FY25 - Key Highlights 9M FY25 INR 10,061 Cr INR 19.62k Cr 29.93 MMT $5.95/bbl 38.98 MMT Standalone profit in Total standalone Refinery crude Refinery GRM in 9M Market sales in 9M FY25 borrowings as of 9M throughput FY25 9M FY25 FY25 113% utilization 150 KL/ month in 9M FY25 throughput per outlets
Slide 21: FY24 - Key Highlights
FY24 - Key Highlights FY24 INR 26.67k Cr INR 18.77k Cr 39.9 MMT $14.14 /bbl 51.04 MMT Standalone profit in Total standalone Refinery crude Refinery GRM in Market sales in FY24 borrowings as of throughput FY24, highest among FY24, highest ever FY24 PSUs 14.2x times 112% utilization 154 KL/ month FY23
Slide 22: Financial Performance - Standalone
Financial Performance - Standalone Revenue EBITDA Profit after Tax Net Worth INR k Cr INR k Cr INR k Cr INR k Cr 47 75 533 27 507 432 55 52 19 52 302 21 22 11 13 2 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 Financial Ratios FY 21 FY 22 FY 23 FY 24 Total Debt-Equi
Slide 23: Financial Performance - Consolidated
Financial Performance - Consolidated Revenue EBITDA Profit after Tax Net Worth INR k Cr INR k Cr INR k Cr INR k Cr 46 27 76 534 507 433 54 52 54 17 304 24 21 12 12 2 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 Financial Ratios FY 21 FY 22 FY 23 FY 24 Total Debt-Eq
Slide 24: Business Segments Overview
SECTION 4 Business Segments Overview 24
Slide 25: Update on key BUs for BPCL as on 31 March 2024
st Update on key BUs for BPCL as on 31 March 2024 Refining Pipelines Marketing Upstream 1 2 3 4 Gas Petrochemicals Green Energy Digital Ventures 5 6 7 8 25
Slide 26: Refining Coverage
1 Refining Coverage Bina Capacity Refining Capacity Refining Throughput Refinery Numaligarh - 3.1 MMTPA (stake divested on 26th March 2021, 38.3 33.0 36.9 38.5 39.9 retain 100% marketing rights) Mumbai Refinery 17.5 16.8 12 MMTPA 16.1 15.6 15.2 15.1 14.7 14.5 13.4 13.0 Kochi Refinery 7.7 7.2 15.5 MM
Slide 27: Refining – Crude sourcing and GRM
1 Refining – Crude sourcing and GRM Flexibility in crude sourcing and Sulphur Capturing value from refining with competitive mix for refineries GRM performance FY24 Crude Sourcing FY24 Sulphur Mix Gross refining margin (US $/barrel) Numbers indicate BPCL GRM 20 20.2 23% 15 14.1 47% 10 9.7 53% 77% 5
Slide 28: Refining – Mumbai Refinery
1 Refining – Mumbai Refinery Capacity and throughput • 12 MMTPA capacity, with throughput consistently exceeding nameplate capacity (>120%* over last 5 years) • Potential for expansion to 16 MMTPA • Lowest SOX emission refinery of country (< 10 T/d) High value product portfolio • High value products
Slide 29: Refining – Kochi Refinery
1 Refining – Kochi Refinery Capacity and throughput • Largest PSU refinery with 15.5 MMTPA capacity with throughput consistently exceeding designed capacity (>100%* over last 5 years) • Potential for expansion to 18 MMTPA Crude source and product flexibility • Designed to process 100 % HS Crude oil,
Slide 30: Refining – Bina Refinery
1 Refining – Bina Refinery Capacity and throughput • 7.8 MMTPA refinery – under expansion to reach 11 MMTPA capacity • ~80% of throughput is transportation fuel – MS,HSD, ATF Diversification to petrochemicals • New 2.2 MMTPA Petrochemicals complex (~INR 50k Crores investment) to be commissioned by 2
Slide 31: Strategic Pipelines Network
2 Strategic Pipelines Network 3537 km long pipeline infrastructure Key advantages & differentiators (2,600 km - Product + 937 km Crude Oil Capacity Utilization for Numbers indicate BPCL pipelines) with 29 MMTPA Design capacity POL Pipelines (%) utilization rates (20.9 MMT - Product + 7.8 MMT Crude)
Slide 32: Marketing
3 Marketing Strong marketing assets with superior sales Key outcomes performance SBU market sales (MMT) Throughput per outlet vs. Peers (KL/Month) in FY24 51.4 154 48.9 1.9 0.4 1.7 0.4 43.1 42.5 7.9 135 7.7 132 2.0 0.3 38.7 1.1 0.4 6.9 0.8 0.4 7.5 6.8 8.1 Throughput (KLPM) 7.3 BPCL HPCL IOCL 7.0 7.2
Slide 33: Marketing – Key Highlights and Differentiators
3 Marketing – Key Highlights and Differentiators Retail LPG I&C Aviation Lubes • Highest absolute market • Achieved highest ever bottling • Highest ever sales of 7.2 MMT • Sales of 1.9 MMT and market • Highest ever sales volume of share amongst PSUs in last 10 volume of 7.9 MMT by I&C BU share of 25
Slide 34: Marketing – Digital initiatives across segments
3 Marketing – Digital initiatives across segments HelloBPCL Urja IRIS Unified mobile application as one-stop shop for Conversational AI Chatbot unifying customer Tech-driven Remote Management System of field sales and service activities for all BPCL customers interactions into a consistent omnichann
Slide 35: Upstream - BPRL's Story over the years
4 Upstream - BPRL’s Story over the years… BPCL pursues its upstream investments through wholly owned subsidiary called BPRL Diversified portfolio with investments across 15 blocks Partnerships with 12+ global players including Total Energies, spanning 6 countries at various stages of exploration / d
Slide 36: Upstream – Global Spread
4 Upstream – Global Spread ✓ 0.68 mmtoe production for Q3 FY25 ✓ 2.64 mmtoe production for FY24 ✓ Presence in 4 continents, 6 countries Production 2 TYNGD Development Russia Russia 2 Vankorneft Exploration / Appraisal/ Pre-Development 3 Cauvery Basin* India 3 Cambay Basin** 2 Assam-Arakan 1 Lower Za
Slide 37: Gas – Performance highlights
5 Gas 6.7% → 15% 1 BPCL FOOTPRINT * ASPIRATION 2023 2030 INR 15K Crores India’s target for increase in share of gas 3x footprint by FY29 Capex over next 5 years in energy mix committed by BPCL Key JVs Infrastructure build out Supply security 52 GAs 0.85 MMTPA Major JVs • Covers 19% of India’s popula
Slide 38: Petrochemicals
6 Petrochemicals Market outlook Petrochemical • Indian demand for polymers is expected grow ~5% until 2040, driven by rising consumer income, and infrastructure investment Capacity • India’s petrochemical per capita consumption at 10-12 kg compared to global average of 30-35 kg, leaving considerable
Slide 39: Green Energy
7 Green Energy Plans to invest ~INR 10k Cr in the business as capex in next 5 years Renewable Green EV Energy Hydrogen Biofuels Charging • India aims for 500 GW RE • Indian govt. has set a • India targets 20% ethanol • Govt. announced a target of India Capacity by 2040 production target of blending
Slide 40: Digital Ventures
8 Digital Ventures Winning formula Options being considered Break traditional mindsets to liberate BPCL as incubator for future new talent unicorns in the energy space (atleast $1B market cap in 5 years) Build a separate culture conducive for Explore various modes for scaling start-up up in-house in
Slide 41: BPCL R&D – Key Highlights
BPCL R&D – Key Highlights Recognitions, FY24 Innovative Products • Innovator of the Year (Team) for • New formulation for “SPEED” “BharatH2Sep Technology” • K Model®, BPMARRK® • New Product of the Year for • BMCG Nxt GEN K Model®: Blending for future • BHARAT FURNO CHEM • 2nd Prize in National Energ
Slide 42: Thank You!
Bharat Petroleum