Bharat Petroleum Corporation (BPCL) has reduced its capital expenditure in view of reduced project activities and lower profitability. The company will now invest around 20 per cent less as capital expenditure in the current financial year. BPCL spent around Rs 11,000 crore as capital expenditure in FY 2019-20.
BPCL director (finance) N Vijayagopal said, since the lockdown was going on in the country, we have not spent much in April and May. We plan to spend around Rs 8,000-8,500 crore for FY 2021. He said that the company spends 10,000–11,000 crore rupees per year as capital expenditure.
Vijay Gopal said that it is difficult to continue the project (construction) work for the last two months. Which in turn is also affecting plan capital expenditure. "We were forced to reduce it (capital expenditure) as there was no project related activity for two months and we don't know when it would be normal," he said. Despite our best efforts, the project activities did not change the way we operate our refinery and other activities.
He said that the company's expansion plans were also affected due to the loss to BPCL in the March quarter. He said, the slowing of the economy and the lockdown in the country would reduce the activities of the projects this year. Due to our profitability deteriorating, we have also decided not to accelerate expenditure on small projects up to Rs 150 crore. We are only working on urgent small projects.
In the March 2020 quarter, BPCL reported a loss of Rs 1,819.56 crore as against a profit of Rs 3,131.66 crore in the same period a year ago. He said that the company also incurred losses due to losses due to foreign currency fluctuations.
However, BPCL's capital expenditure plans will be reviewed in October and the company will also consider reducing project development costs. "We will do a review in October," the official said.
The journey of the Indian team so far in the World Cup 2023 has been excellent. The Rohit Sharma-
The date that the country was waiting for has been announced. Corona vaccination program across t
Coronavirus havoc continues, all schools closed in Haryana till 30 November
The havoc of the coronavirus is continuing across the country. Because of this, all schools in Ha
Today is the last chance to file Income Tax Return (ITR) for the financial year 2020-21. The Inco
The download speed of mobile data in India has increased by 115%. It was 13.87 Mbps in September
Satish Kaushik Passes Away At 66: A very sad and heartbreaking news is coming from the Bollywood
Nushrratt Bharuccha Spotted outside Sanjay Leela Bhansali's office, got wind of filming together
Nushrat Bharucha was recently seen in the Netflix film 'Ajeeb Dastaan'. Now she has been spotted
Pakistan again raised Kashmir issue in UN: India said- PAK is spreading lies to gain sympathy
India on Thursday reprimanded Pakistan for repeatedly raising the issue of Jammu and Kashmir at t
Big accident in Jaunpur late night, the two-storey house collapsed; Five killed and five injured
The dilapidated two-story kutcha house collapsed at around 11.30 pm in Mohalla Roza Arjan behind
Coronavirus Updates: Decline in Covid cases, 2539 people died of corona in 24 hours, 60 died
A day later, there has been a decline in the cases of Coronavirus in the country. The Ministry of
