IndianOil says its market share rises to 43 pc in FY23 from 40.8 pc in FY22

New Delhi [India], April 4 (ANI): IndianOil has said its petroleum products’ market share increased to 42.9 per cent in 2022-23 from 40.8 per cent in 2021-22 while it achieved petroleum, oil and lubricants (POL) sales growth of about 14 per cent year-on-year during 2022-23 (FY23).

S M Vaidya, chairman, IndianOil, said the company’s refineries clocked the highest-ever throughput of over 72.4 million tonne, compared to 67.67 million tonne last year.

According to a statement from IndianOil, its liquid pipelines throughput jumped significantly from about 83.25 mt in 2021-22 to the highest-ever 94.7 mt during 2022-23. IndianOil also registered the highest-ever pipeline expansion of about 2,450 km during the year, it added.

IndianOil posted stellar operational performances in the recently concluded 2022-23 (FY23), according to the statement released on Monday evening.

Commenting on the performance, Vaidya said, “Despite challenging geopolitical situations, what stood out was our teams’ perseverance and the determination to rise above every challenge thrown at us. Our unwavering commitment to excellence has paid off, and IndianOil continued to shine bright on the operational front”.

In terms of expansion, during 2022-23, the company commissioned 1,784 outlets, which is about 46 per cent of public sector undertakings’ (PSU) commissionings. Its fuel station network has 36,285 outlets spread across the length and breadth of the country.

Last year, IndianOil also commissioned five aviation fuel stations taking the total to 132; seven Indane bottling plants, taking the total to 108; and three depots and terminals taking the total to 120.

According to the company’s statement, petrol sales have grown by over 19.2 per cent, diesel sales have increased by nearly 19.3 per cent, and LPG sales have risen by about 1 per cent.

IndianOil’s lubricant brand SERVO registered its highest-ever sales volume of 701 TMT with a growth of 9 per cent during 2022-23 after a spectacular 24 per cent rise during 2021-22 and 26 per cent growth in 2020-21, according to the statement. This translates to a market share rise from 24.9 per cent in 2020-21 to 27.1 per cent in 2022-23, thus cementing SERVO’s stronghold across all lube segments in India.

IndianOil’s grease sales also registered a growth of about 8 per cent in the last financial year.

The company said it also delivered impressive results on the capital expenditure (capex) utilisation front. IndianOil has spent an all-time high amount of Rs 35,205 crore on investments, which is 123 per cent of the allotted target.

IndianOil invested Rs 34,388 crore in its own projects and Rs 817 crore in joint ventures and subsidiaries. It is currently overseeing 120 ongoing projects of various scales, with a total capital cost of around Rs 2.4 lakh crore.

According to the statement, these investments reflected IndianOil’s commitment to achieving sustainable growth and strengthening its position in the Indian market.