CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH 2016

I. EQUITY AND LIABILITIES

Note No As at
###
` in Crores
As at 31/03/2015
(1) Shareholders' Funds 2 723.08 723.08
(a) Share Capital
(b) Reserves and Surplus 3        27,296.62        21,825.42
       28,019.70        22,548.50
(2) Share application money pending allotment in respect of Joint 0.43 -
Venture
(3) Minority Interest 1,572.74 1,286.37
(4) Share Warrants in respect of Joint Venture 13.45 13.45
(5) Non-current liabilities
(a) Long-term borrowings 4 26,043.05 19,341.82
(b) Deferred tax liabilities (Net) 5 2,524.05 1,997.21
(c) Other long-term liabilities 6 243.94 184.34
(d) Long-term provisions 7         1,663.43         1,396.86
      30,474.47       22,920.23
(6) Current liabilities
(a) Short-term borrowings 8 583.79 1,675.88
(b) Trade payables 9 8,470.67 12,865.29
(c) Other current liabilities 10 21,201.47 21,443.03
(d) Short-term provisions 11         3,451.80         4,219.78
      33,707.73       40,203.98
TOTAL 93,788.52       86,972.53
II. ASSETS
(1) Non-current assets
(a) Fixed assets
(i) Tangible assets 12 31,899.14 28,520.65
(ii) Intangible assets 13 563.71 574.30
(iii) Capital work-in-progress 15 21,903.58 15,762.27
(iv) Intangible assets under development 14 215.18 25.07
(b) Goodwill on consolidation 61.00 14.45
(c) Non-current investments 16 2,479.87 2,351.35
(d) Deferred tax assets (Net) 5 547.15 650.44
(e) Long-term loans and advances 17 2,771.13 2,695.21
(f) Other non-current assets 18            322.42              84.47
      60,763.18       50,678.21
(2) Current assets
(a) Current investments 19 5,256.43 5,360.46
(b) Inventories 20 15,496.85 17,400.02
(c) Trade receivables 21 2,423.50 2,901.85
(d) Cash and Bank Balances 22 4,629.00 3,446.26
(e) Short-term loans and advances 23 1,148.44 1,065.26
(f) Other current assets 24         4,071.12         6,120.47
      33,025.34       36,294.32
TOTAL 93,788.52 86,972.53
Significant Accounting Policies 1
Notes on Financial Statements 33 to 54
For and on behalf of the Board of Directors As per our attached report of even date For and on behalf of
Sd/- CNK & ASSOCIATES LLP HARIBHAKTI & CO. LLP
S. VARADARAJAN Chartered Accountants Chartered Accountants
Chairman and Managing Director DIN: 00052928
ICAI FR No.: 101961W ICAI FR No.: 103523W
Sd/- Sd/- Sd/- Sd/-
P. BALASUBRAMANIAN S.V. KULKARNI HIMANSHU KISHNADWALA CHETAN DESAI
Director (Finance) Company Secretary Partner Partner
DIN: 05262654 Membership No. 37391 Membership No. 17000
Place: Mumbai Dated: 26th May 2016
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
FOR THE YEAR ENDED 31ST MARCH 2016
 ` in Crores
Note No 2015-16 2014-15
I) Revenue from operations 25 188,651.36 242,598.50
II) Other income 26 1,740.89 2,120.05
III) Total Revenue ( I + II ) 190,392.25 244,718.55
IV) Expenses
1) Cost of raw materials consumed 27 77,356.03 118,466.57
2) Purchases of stock-in-trade 28 77,485.49 93,872.77
3) Changes in inventories of finished goods, work-in-progress and 29 1,585.86 4,351.45
stock-in-trade
4) Employee benefits expense 30 3,172.35 2,349.85
5) Finance costs 31 1,132.07 1,180.47
6) Depreciation and amortization expense 1,213 2,428.63 3,026.68
7) Other expenses 32 14,637.91 13,780.29
Total expenses 177,798.34 237,028.08
V) Profit/(Loss) before tax ( III - IV ) 12,593.91 7,690.47

VI) Tax expense

1) Current tax 3,507.09 2,551.38
2) Less: MAT credit entitlement (11.89) (28.94)
3) Deferred tax 626.13 95.55
4) Short/(Excess) provision of earlier years 8.60 (9.53)
Total tax expense 4,129.93 2,608.46
VII Profit/(Loss) after tax for the year ( V - VI )
) 8,463.98 5,082.01

VII Share in profit of associates 2.49 -

I)
IX) Minority Interest 484.96 275.44

X) Net Profit/(Loss) for the Group ( VII + VIII - IX ) 7,981.51 4,806.57

XI) Basic and Diluted Earnings per Share (Face value ` 10) 110.38 66.47
(Refer Note No. 44)

Significant Accounting Policies 1

Notes on Financial Statements 33 to 54
For and on behalf of the Board of Directors As per our attached report of even date For and on behalf of
Sd/- CNK & ASSOCIATES LLP HARIBHAKTI & CO. LLP
S. VARADARAJAN Chartered Accountants Chartered Accountants
Chairman and Managing Director DIN: 00052928
ICAI FR No.: 101961W ICAI FR No.: 103523W
Sd/- Sd/- Sd/- Sd/-
P. BALASUBRAMANIAN S.V. KULKARNI HIMANSHU KISHNADWALA CHETAN DESAI
Director (Finance) Company Secretary Partner Partner
DIN: 05262654 Membership No. 37391 Membership No. 17000
Place: Mumbai Dated: 26th May 2016
CONSOLIDATED CASH FLOW STATEMENT
` in Crores
For the year ended 31/03/2016 31/03/2015
A Net Cash Flow from Operating Activities
Net Profit Before tax & Prior Period Items 12,588.20 7,646.61
 Adjustments for:
Depreciation
2,428.63 3,026.68
Interest 1,132.07 1,180.47
Foreign Exchange Fluctuations (Refer explanatory note 3) 130.27 (391.64)
(Profit)/Loss on Sale of fixed assets 28.62 3.48
(Profit)/Loss on Sale of investments (11.76) (7.57)
Income from Investments (1,168.81) (904.08)
Dividend Received (70.02) (52.89)
Expenditure towards Corporate Social Responsibility 124.67 83.80
Other Non-Cash items (Refer explanatory note 4) 689.18 (50.67)
Operating Profit before Working Capital Changes (Invested in)/Generated 15,871.05 10,534.19
from: 1,897.71 5,769.85
Inventories
Trade Receivables 422.07 1,638.16
Other Receivables 1,457.35 4,678.64
Current Liabilities & Payables (2,605.41) 867.99
Cash generated from Operations 17,042.77 23,488.83
Direct Taxes paid (3,369.91) (2,749.30)
Paid for Corporate Social Responsibility (107.40) (41.74)
Cash flow before prior period items 13,565.47 20,697.79
Prior Period Items 5.71 43.86
Net Cash from/(used in) Operating Activities 13,571.17 20,741.65
B Net Cash Flow from Investing Activities
Purchase of fixed assets (11,571.59) (10,884.59)
Sale of fixed assets 8.79 18.70
Capital Advances 295.17 (121.57)
Capital Grant Received - (2.14) 4.98
(Investment)/Sale of Investment in Associate Companies (4.44) -
Investment -
BPCL-KIAL Fuel Farm Facility Private Limited
Cochin International Airport Limited (13.13) -
Kannur International Airport Limited (50.00) (50.00)
Petroleum India International 23.60 - (0.01)
BPCL Trust for Investment in Shares - (6.75)
Advance against Equity -
Kochi Salem Pipeline Private Limited
Loans & Advances
- (0.75)
Bharat Renewable Energy Limited
Petronet LNG Limited (43.75) (82.09)
Goodwill on Acquisition of Shares (61.00) (14.45)
Purchase of Investments (5.39) (369.91)
Sale of Investments 553.15 18.44
Income from Investment 1,114.36 119.99
Dividend Received 67.19 47.49
Interest Received 43.38 784.89
Net Cash from/(used in) Investing Activities (9,645.80) (10,535.63)
CONSOLIDATED CASH FLOW STATEMENT (CONTD.)
` in Crores
For the year ended 31/03/2016 31/03/2015
C Net Cash Flow from Financing Activities
Proceeds towards issue of Share Capital in respect of Joint Venture 0.43 - Long-term Borrowings
Short-term Borrowings 0.02 77.56
Repayment of loans (6,502.51) (9,231.30)
Interest paid (1,451.93) (1,237.32)
 Dividend paid (2,996.28) (1,272.23)
Corporate Dividend Tax (619.89)             (224.91)
Net Cash from/(used in) Financing Activities (2,865.01) (9,792.00)
D Net Increase/(Decrease) in Cash and Cash equivalents 1,060.36 414.02
(A+B+C)
` in Crores
Cash and Cash equivalents as at 31/03/2015 31/03/2014 Cash on hand
Cheques and drafts on hand 25.88 55.68
Cash at Bank 2,647.19 1,626.11
Current Investment (Cash Equivalents) 9.27 10.84
Effect of Exchange difference on Translation of Foreign Currency cash and
cash equivalents
(521.43) 33.16
3) -
2 1,774.11
Cash and Cash equivalents as at 31/03/2016 31/03/2015
Cash on hand 24.43 27.24
Cheques and drafts on hand 11.91 25.88
Cash at Bank 3,897.91 2,647.19
Current Investment (Cash Equivalents) 26.38 9.27
Effect of Exchange difference on Translation of Foreign Currency cash and cash
equivalents
(764.25) (521.43)
3,196.38 2,188.13
Net change in Cash and Cash equivalents 1,060.36 414.02
3.08
  21,825.42
  22,548.50
-
86.37
45
341.82
97.21
4.34
   1,396.86
 22,920.23
75.88
865.29
443.03
   4,219.78
 40,203.98
 86,972.53

520.65
4.30
762.27
07
45
51.35
0.44
95.21
        84.47
 50,678.21
60.46
400.02
01.85
46.26
65.26
   6,120.47
 36,294.32
972.53
 Crores
03/2015

46.61
26.68
80.47
1.64)
3.48
7)
4.08)
89)
80
67)
534.19
69.85

38.16
78.64
.99
488.83
49.30)
74)
697.79
86
741.65
884.59)
70
1.57)
4.98
-
-

-
00)
01)
5)

5)
09)
45)
9.91)
44
.99
49
.89
535.63)

rrowings 8,705.15 2,096.20

014 Cash on hand 27.24 48.34