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NRL registers highest profit since inception at Rs 3,703 crore

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HT Bureau

GUWAHATI, Aug 19: The Numaligarh Refinery Limited (NRL) has achieved a significant milestone by registering its highest-ever Profit After Tax (PAT) since its inception, reaching Rs 3,703 crore compared to the previous year’s Rs 3,562 crore, as stated by chairman Ranjit Rath on Saturday.

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Notably, the refinery marked a groundbreaking achievement by surpassing a capacity utilization of more than 100%, processing 3,091 TMT of crude oil since its inception. Rath shared these accomplishments during the post-AGM press conference after virtually addressing NRL’s 30th Annual General Meeting.

Moreover, the refinery achieved its highest-ever distillate yield of 87.7%, coupled with a best-ever specific energy consumption (SEC) of 61.7 MBN, Rath disclosed.

The company’s financial performance stood out as it reported a record revenue from operations of Rs 29,786 crore, in contrast to the previous year’s Rs 23,547 crore, highlighting its steady growth trajectory.

The company also recorded an increase in the earning per share (EPS) to Rs 25.17 from Rs 24.21 in 2021-22, and the net worth climbed to Rs 11,427 crore as of March 31, 2023, compared to Rs 8,388 crore in the previous year.

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During the AGM, a final dividend of Rs 235.40 crore for the fiscal year 2022-23 was declared, while the company had already paid an interim dividend of Rs 882.76 crore for the year. This sum equates to a total dividend pay-out of Rs 1,118.16 crore, representing 30.20% of NRL’s profit after tax (PAT) for the year.

Appreciating the efforts of all employees Ranjit Rath said, “Today is truly special because it is the first AGM after the announcement of upgrading of NRL from Schedule – B to Schedule A CPSE by the Union government. I take the opportunity to extend my hearty congratulations to all of you for making it possible. This accomplishment has been the fruition of tireless efforts and outstanding achievements in every sphere of NRL’s activities in its prolific journey of 30 years.”

The company also witnessed improved product sales, with a total of 3,016 TMT sold, compared to the previous year’s 2,802 TMT. Sales within the Northeast region displayed a notable rise of over 11%, reaching 1,259 TMT, showcasing a favorable demand scenario in the Northeastern states.

Sales for the year also encompassed 50 TMT of gas oil exported to Bangladesh, according to Rath.

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Following the inauguration and commissioning of the ‘India-Bangladesh Friendship Pipeline (IBFPL),’ Bangladesh has expressed interest in collaborating further to transport fuel to North Bangladesh through waterways during winter. Meanwhile, NRL has successfully entered Bhutan with low pour high-speed diesel, catering to high-altitude regions with low temperatures, as stated by the company’s managing director, Bhaskar Jyoti Phukan.

Despite its plans to enter Myanmar with its products, the ongoing political situation has led to a halt. However, Nepal remains a prospective market where NRL aims to introduce its products in the near future.

NRL is steadfastly advancing several significant projects, including the Numaligarh Refinery Expansion Project (NREP), Paradip Numaligarh Crude Oil Pipeline (PNCPL), Crude Oil Import terminal at Paradip (COIT), and the 2G Ethanol Project (JV project), according to Rath. During the year, a 360 KTPA Polypropylene project was approved at a cost of Rs 7,231 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,” Rath added. (With inputs from PTI)

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