58th Annual Report 2009-2010

Performance Profile
2009-10 2009-10 2008-09 2007-08 2006-07 2005-06
US$ Million Rs./Crores Rs./Crores
FINANCIAL
Sales / Income from Operations 25,306 114,888.63 131,802.65 112,098.27 96,918.15 76,920.26
Gross Profit 924 4,193.18 3,776.36 2,725.59 3,094.14 1,151.21
Depreciation 256 1,164.40 981.29 850.82 704.00 690.23
Interest 199 903.75 2,082.84 766.10 422.98 175.88
Tax Inclusive Deferred Tax 181 823.61 123.23 (39.34) 386.15 (131.91)
Provision for Fringe Benefit Tax 0 0.05 14.03 13.13 9.84 11.38
Net Profit 287 1,301.37 574.98 1,134.88 1,571.17 405.63
Dividend 90 406.35 177.78 101.59 610.80 101.80
Tax on Distributed Profits 15 67.49 30.21 17.26 97.75 14.28
Retained Earnings 182 827.53 366.99 1,016.03 862.62 289.55
INTERNAL RESOURCES GENERATED 484 2,196.53 1,382.56 2,069.38 1,603.08 989.47
VALUE ADDED 2,063 9,365.26 8,267.54 6,045.40 6,209.19 4,198.13
WHAT CORPORATION OWNS
Gross Fixed Assets 5,504 24,988.37 20,208.83 19,570.05 15,638.48 13,479.25
Depreciation 2,133 9,681.70 8,554.08 7,640.77 6,817.64 6,141.85
Net Fixed Assets 3,372 15,306.67 11,654.75 11,929.28 8,820.84 7,337.40
Capital Work in Progress 856 3,887.59 5,001.07 3,315.94 4,243.56 2,363.88
Investments - JVCs & Subsidiary 578 2,623.83 1,493.07 1,077.24 1,029.73 825.76
- Others 1,930 8,763.39 12,703.40 5,759.82 6,097.74 3,201.88
Net Current Assets 900 4,086.83 4,237.21 6,863.70 1,345.21 3,055.09
Deferred Tax Liability (398) (1,807.97) (1,603.37) (1,595.98) (1,420.90) (1,384.44)
Total 7,238 32,860.34 33,486.13 27,350.00 20,116.18 15,399.57
WHAT CORPORATION OWES
Net Worth 2,546 11,557.97 10,730.63 10,563.30 9,598.64 8,735.74
Share Capital 75 339.71 339.71 339.71 338.95 338.94
Share Forfeiture (0) (0.70) (0.70) (0.70) - -
Reserves 2,471 11,218.96 10,391.62 10,224.28 9,259.69 8,396.80
Borrowings 4,692 21,302.37 22,755.51 16,786.70 10,517.54 6,663.83
Total 7,238 32,860.34 33,486.13 27,350.00 20,116.18 15,399.57
PHYSICAL Million Tonnes
CRUDE THRUPUT 15.76 15.81 16.77 16.66 13.82
- Mumbai Refinery 6.96 6.65 7.36 7.42 6.25
- Visakh Refinery 8.80 9.16 9.41 9.24 7.57
PIPELINE THRUPUT 11.95 10.58 7.83 6.73 5.65
MARKET SALES 26.27 25.39 24.47 21.69 19.42

Notes: 1. Previous year figures regrouped/reclassified wherever necessary

2. 1 US$ = Rs.45.40 (Exchange Rate as on 31.03.2010)
FUND FLOW STATEMENT
Sources of Funds :
Profit after Tax 287 1,301.37 574.98 1,134.88 1,571.17 405.63
Depreciation 256 1,164.40 981.29 850.82 704.00 690.23
LPG Deposits 114 515.68 193.98 189.59 152.55 124.57
Borrowings (Net) (280) (1,270.19) 6173.46 6,301.17 3,784.38 4,322.23
Share Capital - - - 0.07 0.01 0.01
Share Premium - - - 2.05 0.47 0.39
Redemption of Oil bonds 1161 5,270.27 9238.92 4,535.00 1,950.73 850.00
Receipt of Capital Grants from OIDB - - - - - 4.94
Amortisation of Capital Grant received
from OIDB (0) (0.19) (0.19) (0.20) (0.19) -
Amortisation from General Reserve
on account of Transitional Liab of AS-15R - - - (53.31) - -
Exchange Rate Variation on Restatment
of ECB of 2007-08 in line with
transitional provisions of AS-11 - - (199.46) - - -
Oil bonds recievable - - 2,033.99 3,448.45 - -
Provision for Deferred Tax 45 204.60 7.39 175.08 36.46 9.69
Adjustment on account of sale/ deletion of
Assets & Provision for diminution in Investments 155 703.73 (75.28) 62.42 99.30 1.66
Total 1738 7,889.67 18,929.09 16,646.02 8,298.88 6,409.35

12
58th Annual Report 2009-2010
Performance Profile
2009-10 2009-10 2008-09 2007-08 2006-07 2005-06
US$ Million Rs./Crores Rs./Crores
Utilisation of Funds :
Dividend 90 406.35 177.78 101.59 610.80 101.80
Tax on Distributed Profits 15 67.49 30.21 17.26 97.75 14.28
Capital Expenditure 818 3,712.68 2,372.80 3,077.16 4,096.30 2,694.43
Working capital : Increase/ (Decrease) 31 141.74 (1,999.74) 5,497.52 (1,607.02) 456.75
Investment - JVCs (Including Advance
towards Equity & Share Application
Money pending Allotment) 336 1,527.41 206.82 249.49 171.16 21.29
Investment Oil Bonds 448 2,033.99 18,141.22 7,703.00 4,929.89 3,120.80
Total 1,738 7,889.67 18,929.09 16,646.02 8,298.88 6,409.35
CONTRIBUTION TO EXCHEQUER
Excise Duty 1,569 7,121.14 6,463.49 7,422.32 7,349.34 5,852.34
Customs Duty 124 564.74 2,094.37 3,256.14 2,575.38 1,423.52
Sales Tax 2,772 12,583.82 12,352.48 10,964.99 9,416.65 8,811.86
Service Tax 12 55.41 51.13 38.07 23.57 11.13
Income Tax 84 382.32 11.86 61.17 72.29 (141.49)
Fringe Benefit Tax 0 0.05 17.00 10.64 9.82 11.07
Others * 99 448.54 369.42 602.86 510.39 469.13
Total 4,660 21,156.02 21,359.75 22,356.19 19,957.44 16,437.56
* Figures for Previous Year regrouped
RATIOS
Gross Profit/Sales ( % ) 3.65 2.87 2.43 3.19 1.50
Net Profit/Sales ( % ) 1.13 0.44 1.01 1.62 0.53
Earnings Per Share (Rs.) 38.43 16.98 33.48 46.35 11.97
Cash Earnings Per Share (Rs.) 78.86 46.92 64.55 68.20 32.62
Average Sales/Employee (Rs. Crores) 9.62 10.35 9.48 8.40 6.87
Average Net Profit/Employee (Rs. Crores) 0.11 0.05 0.11 0.14 0.04
Debt Equity Ratio (Long term debt to equity) 0.30:1 0.30:1 0.26:1 0.24:1 0.13:1
MANPOWER (NOs.) 11,291 11,246 10,949 10,891 10,778

How Value is Added:

Income:
Sales / Income from Operations 25,306 114,888.63 131,802.65 112,098.27 96,918.15 76,920.26
Add: Increase/(Decrease) in Inventory 716 3,249.96 (1,836.78) 2,359.59 243.55 1,408.96
26,022 118,138.59 129,965.87 114,457.86 97,161.70 78,329.23
Cost of Raw materials:
Raw Material Consumption 8,309 37,722.89 40,995.22 38,024.65 35,816.79 25,450.29
Purchase for resale 13,806 62,677.82 73,394.61 62,205.94 46,850.22 42,178.12
Packages 30 136.39 127.12 111.91 105.11 95.99
Stores & Spares 38 174.27 121.36 93.86 103.57 85.86
Utilities 104 473.71 192.19 190.82 160.58 129.60
22,287 101,185.08 114,830.51 100,627.18 83,036.27 67,939.86
Duties applicable to products: 1,671 7,588.25 6,867.83 7,785.28 7,916.24 6,191.23
Total Value Added: 2,063 9,365.26 8,267.54 6,045.40 6,209.19 4,198.13
How Value is Distributed:
Operating & Service Costs 782 3,551.24 3,355.65 2,448.56 2,385.63 2,405.43
Employees’ Benefits 356 1,617.32 1,135.53 871.26 729.42 641.49
Providers of Capital
Interest on borrowings 199 903.75 2,082.84 766.10 422.98 175.88
Dividend 104 473.84 207.99 118.85 708.55 116.08
Income Tax/Fringe Benefit Tax 181 823.66 137.25 (26.21) 395.99 (120.53)
Re-deployment in Business
Retained Profit 182 827.53 366.97 1,016.03 862.62 289.55
Depreciation 257 1,167.92 981.29 850.82 704.00 690.23
Total Value Distributed 2,063 9,365.26 8,267.54 6,045.40 6,209.19 4,198.13

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 58th Annual Report 2009-2010
Performance Profile
2009-10 2008-09 2007-08 2006-07 2005-06
SALES VOLUME* ’000 Tonnes
Light Distillates
Liquified Petroleum Gas 3,317.66 3,024.78 2,872.13 2,650.51 2,526.37
Naphtha 1,341.85 2,102.40 2,295.97 2,223.37 1,876.85
Motor Spirit 3,247.14 2,843.57 2,525.20 2,377.89 2,078.61
Hexane 16.58 27.81 35.09 29.40 27.40
Propylene 23.21 31.48 35.51 33.37 31.75
Sub-total 7,946.44 8,030.04 7,763.90 7,314.54 6,540.98
Middle Distillates
Mineral Turpentine Oil 59.83 53.59 58.42 50.06 41.35
Aviation Turbine Fuel 744.12 682.12 738.16 596.83 504.18
Superior Kerosene Oil 1,798.48 1,769.03 1,790.84 1,793.02 1,732.63
High Speed Diesel 11,747.13 10,807.11 9,551.72 7,907.08 7,353.38
JBO/WO 1.54 1.69 3.47 3.57 4.83
Light Diesel Oil 121.09 130.88 147.51 154.74 196.27
Sub-total 14,472.19 13,444.43 12,290.12 10,505.31 9,832.64
Lubes & Greases 469.67 337.37 491.62 320.23 287.84
Heavy Ends
Furnace Oil 1,778.01 2,037.79 2,472.75 2,256.13 1,685.15
Low Sulphur Heavy Stock 393.46 449.86 325.56 351.15 388.03
Bitumen 906.41 880.11 909.78 756.54 543.48
Others 306.12 213.66 211.16 181.62 139.60
Sub-total 3,384.00 3,581.41 3,919.23 3,545.44 2,756.26
Total 26,272.30 25,393.26 24,464.88 21,685.52 19,417.72
* Including Exports
MARKETING NETWORK
Regional Offices 101 90 91 86 85
Terminals/Installations/TOPs 31 31 42 37 37
Depots (including Exclusive Lube Depots) 92 100 93 93 92
LPG Bottling Plants 44 43 43 42 41
ASFs 31 21 16 13 13
Retail Outlets 9127 8539 8329 7909 7313
SKO/LDO Dealers 1638 1638 1648 1648 1648
LPG Distributors 2404 2250 2232 2238 2202
LPG Customers (in crores) 2.92 2.70 2.52 2.39 2.28
PRODUCTION VOLUME - MUMBAI REFINERY ’000 Tonnes
Light Distillates
Liquified Petroleum Gas 257.80 226.30 250.98 250.80 193.00
Naphtha 549.30 742.20 927.75 936.00 714.90
Motor Spirit 727.50 374.40 413.51 418.20 280.40
Hexane 17.60 26.10 36.69 27.00 35.30
Solvent 1425 6.10 5.20 9.10 7.80 6.10
Sub-total 1,558.30 1,374.20 1,638.03 1,639.80 1,229.70
Middle Distillates
Mineral Turpentine Oil 62.90 54.90 60.18 50.60 44.60
Aviation Turbine Fuel 580.00 580.96 610.62 659.90 571.40
Superior Kerosene Oil 142.10 155.30 152.72 239.00 279.40
High Speed Diesel 2,211.40 2,050.65 2,133.20 1,988.10 1,689.80
Light Diesel Oil 46.20 59.30 87.71 108.30 174.40
Sub-total 3,042.60 2,901.11 3,044.43 3,045.90 2,759.60
LOBS/TOBS 347.00 312.40 351.36 338.10 279.70

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58th Annual Report 2009-2010
Performance Profile
2009-10 2008-09 2007-08 2006-07 2005-06
’000 Tonnes
Heavy Ends
Furnace Oil 857.80 854.80 1,003.93 1,256.90 976.60
Low Sulphur Heavy Stock 68.10 129.20 138.06 111.20 96.40
Bitumen 559.60 551.50 631.55 499.20 401.20
Others (Including input of BH Gas) (19.90) 81.50 98.86 73.40 55.80
Sub-total 1,465.60 1,617.00 1,872.40 1,940.70 1,530.00
Total 6,413.50 6,204.71 6,906.22 6,964.50 5,799.00
Intermediate Stock Differential 19.50 5.20 (55.08) (16.00) 27.10
Fuel & Loss 532.10 441.80 504.25 470.30 422.50
Total 6,965.10 6,651.71 7,355.39 7,418.80 6,248.60
PRODUCTION VOLUME - VISAKH REFINERY ’000 Tonnes
Light Distillates
Liquified Petroleum Gas 310.05 363.92 369.09 343.60 273.76
Naphtha 734.04 1,148.36 1,264.23 1,195.20 928.74
Motor Spirit 932.16 779.36 827.79 811.20 661.81
Propylene 23.15 31.59 34.94 33.20 32.92
Sub-total 1,999.40 2,323.23 2,496.05 2,383.20 1,897.23
Middle Distillates
Mineral Turpentine Oil - (0.01) - - -
Aviation Turbine Fuel 79.87 57.67 41.35 13.80 39.40
Superior Kerosene Oil 720.33 832.25 897.09 1,016.00 824.17
High Speed Diesel 3,441.39 3,610.71 3,586.81 3,728.90 2,975.37
JBO/WO 1.83 1.75 4.23 3.80 3.62
CO - - 4.96 - 28.05
Light Diesel Oil 70.73 104.32 90.77 70.90 63.71
Sub-total 4,314.15 4,606.69 4,625.21 4,833.40 3,934.32
Heavy Ends
Furnace Oil 1,033.74 1,175.72 1,295.07 989.50 839.31
Low Sulphur Heavy Stock 340.33 186.14 153.52 221.00 290.97
Bitumen 328.51 337.56 307.54 230.80 156.75
Others 101.41 24.86 31.92 20.90 8.78
Sub-total 1,803.99 1,724.28 1,788.05 1,462.20 1,295.81
Total 8,117.54 8,654.20 8,909.31 8,678.80 7,127.36
Intermediate Stock Differential 83.05 (20.12) (25.44) 29.30 (6.66)
Fuel & Loss 595.87 520.76 525.61 536.40 453.60
Total 8,796.46 9,154.84 9,409.48 9,244.50 7,574.30

15