Numaligarh Refinery Ltd to invest more than Rs 35,000 cr in different projects during next five years

Guwahati (Assam) [India], August 19 (ANI): The Numaligarh Refinery Limited (NRL) plans to invest more than Rs 35,000 crore in different projects in the next five years.

Chairman of the company Dr Ranjit Rath said that “The company is aggressively executing few more significant projects – Numaligarh Refinery Expansion Project (NREP), Paradip Numaligarh Crude Oil Pipeline (PNCPL) and Crude Oil Import terminal at Paradip (COIT) and 2G Ethanol Project (JV project) and during the year, a 360 KTPA Polypropylene project was approved at a cost of Rs 7231 crore. In the next 5 years, NRL plans to invest more than Rs 35,000 crore in completing these projects, which will enable long-term business growth, both in terms of revenue and profit.” 

Prime Minister Narendra Modi and his Bangladesh counterpart jointly inaugurated the prestigious ‘India-Bangladesh Friendship Pipeline (IBFPL) on March 18 this year, after its successful commissioning during the year.

The Chairman of NRL further said that riding high on outstanding physical and marketing performance, NRL registered the highest-ever Profit After Tax (PAT) since its inception at Rs 3703 crore as compared to Rs 3562 crore registered in FY 2021-22.

“The company also recorded the highest-ever revenue from operations during the year at Rs 29,786 crore, a surge of 26 per cent YoY as compared to Rs 23,547 crore in the previous year. The Earning per Share (EPS) of the company also saw a surge to Rs 25.17 as compared to Rs 24.21 in 2021-22. The net worth increased to Rs 11,427 crore as on March 31, 2023 vis-à-vis Rs 8,388 crore as on March 31, 2022,” the NRL chairman said.

The 30th Annual General Meeting of NRL was held on Saturday at NRL Corporate Office, Guwahati and the meeting was presided over by Chairman NRL and CMD OIL, Dr Ranjit Rath, on virtual mode and was attended by MD of NRL BJ Phukan and other members of NRL and shareholders of the company.

A final dividend of Rs 235.40 crore for the FY 2022-23 has been declared during the meeting. The company has already paid an interim dividend of Rs 882.76 crore for FY 2022-23.

Thus, the total dividend pay-out for the FY 2022-23 is Rs 1118.16 crore, representing 30.20 per cent of NRL’s Profit After Tax (PAT) for the year.

“The year 2022-23 was a milestone year for the company with record performances on all fronts. For the first time since its inception, the Refinery was able to achieve capacity utilization of more than 100 per cent, processing 3091 TMT of crude oil. With a high level of throughput and efficiency in operations, the refinery could achieve the highest ever Distillate Yield of 87.7 per cent and the best-ever Specific Energy Consumption (SEC) of 61.7 MBN. The exemplary physical performance coupled with favourable international prices of crude oil and products resulted in the highest ever Gross Refinery Margin (GRM) at $19.86/bbl during Marketing performance aptly complemented the outstanding physical performance during the year. Product sales showed improvement with a total sales of 3016 TMT as compared to 2802 TMT in the previous year. Sales within the Northeast was 1259 TMT, which marked an improvement of over 11 per cent from the previous year’s sales of 1133 TMT, reflecting an optimistic demand scenario across the North East states. Sales during the year also comprised 50 TMT of Gas Oil exported to Bangladesh,” Dr Rath said.