IndianOil notches up a growth of 4.6% for year 2009-10

01 Jun '10

5 min read

Strongly driven by the highest ever sales of petroleum products and boosted by an increasing contribution from its Petrochemicals and Gas businesses, the nation's largest corporate and its highest ranked Fortune 'Global 500' company, Indian Oil Corporation Ltd. (IndianOil) reported an excellent performance for the year 2009-10.

Sharing the highlights of the year, Mr. B.M.Bansal, Chairman, IndianOil, said, “Despite the uncertain phase that the global economy went through, the Indian economy showed a resilience that was truly remarkable. While the overall petroleum products consumption in the country grew at 3.4% during the year, IndianOil managed to notch up a growth of 4.6% registering a sales volume of 63.7 million tonnes. The Corporation's refineries surpassed 100% capacity utilisation for the third consecutive year and clocked a throughput of 50.7 million tonnes. IndianOil's pipelines network registered the highest ever operational throughput of 65 million tonnes of crude oil and petroleum products”, he added.

During the year 2009-10, in which the company celebrated its Golden Jubilee, IndianOil's ranking improved from 116th to 105th in the prestigious Fortune Global 500 listing. The sale of Natural Gas also went up to 1.89 million tonnes and the company emerged as the first Indian corporate to enter the international bond market this year, and even bagged the high-potential Carabobo block in Venezuela in a consortium with Repsol, Petronas, OVL and OIL. A seamless merger of Bongaigaon Refineries and Petrochemicals Ltd was also completed with IndianOil during the period. To realign the company's strategy in the light of emerging challenges in the future, a new Vision was adopted by the Corporation with an aspiration to emerge as the Energy of India.

Financial Performance
IndianOil's gross turnover (inclusive of excise duty) for the year 2009-10 touched Rs. 2,71,074 crore. The Profit After Tax was Rs 10,221 crore.

For the year 2009-10, the company's Earnings Per Share (EPS) stands at Rs 42.10 as compared to Rs. 12.15 for 2008-09. The total net under-recovery on account of price under–realisation on PDS Kerosene and domestic LPG in the financial year 2009-10, is Rs. 3,159 crore. This is in comparison with a net under-realisation of Rs.Nil crore in 2008-09.

For the year 2009-10, IndianOil has accounted for cash compensation of Rs 15,172 crore, out of which Rs. 7,100 crore has been received during the year. In addition, the company has been granted discount of Rs 7,548 crore received from upstream companies, as per the under recovery sharing mechanism.

The Board of Directors has recommended a dividend of Rs 13 per share.

The Gross Refining Margin for April-March 2010 is USD 4.47 per barrel as compared to USD 3.69 per barrel during the previous year.

Refineries
For the year 2009-10, IndianOil's refineries achieved over 100% capacity utilization for the third consecutive year. As a result of sustained efforts in energy conservation, IndianOil refineries clocked the lowest overall specific energy consumption of 62 MBTU/BBL/NRGF (MBN) during the year as against 64 in 2008-09. Also the best distillate yield of 75.3 wt% was achieved during the period. Panipat, Haldia, Mathura refineries commenced production of BS-IV compliant petrol and diesel. Stream-sharing between group refineries ensured better optimisation, capacity utilisation, value addition and enhanced gross refining margins. Some of the projects completed during the year are MS quality upgradation projects at Panipat and Mathura.

More Indian Oil Corporation News... More Textiles News - India...