Numaligarh Refinery registers highest ever dividend of 375 per cent, profits of Rs 3,036 for 2020-21
Chairman Sushil Chandra Mishra said that the financial year 2020-21 ended on a positive note despite innumerable adversities, leveraging on internal strength, adaptability and robust inbuilt systems.
GUWAHATI: The Numaligarh Refinery Limited on Saturday announced its highest ever dividend of 375 per cent and profits of Rs 3,036 crore for 2020-21, the PSU Chairman Sushil Chandra Mishra said on Saturday.
Higher Crude output and increase in overall margins resulted in the PSU in the oil and gas sector to post record net profit of Rs 3,036 crore, an increase of 120 per cent over the previous year, while the net worth of the company has increased to Rs 5,596 crore till March 31, 2021 as compared to Rs 5,304 crore in the previous year, Mishra said at the 28th annual general meeting here during the day.
The company posted Rs 18,544 crore revenue from its operations, which was higher by 31.77 per cent or over Rs 14,073 crore than in the previous year. He said that this was primarily on account of higher sales volume. "The outstanding financial performance has led to NRL's highest ever contribution of Rs 6368 crore to the government exchequer," he added.
The company has declared the highest ever dividend of 375 per cent during the financial year 2020-21 with Rs 37.5 per fully paid equity share of Rs 10 each which has already been disbursed as interim dividend during the year.
Mishra said that the financial year 2020-21 ended on a positive note despite innumerable adversities, leveraging on internal strength, adaptability and robust inbuilt systems and procedures.
The highlight of the year was the change in ownership of the company with OIL taking over as holding company with majority equity shareholding through a Share Purchase Agreement (SPA) signed on March 25.
''I am sure that the NRL-OIL partnership will be able to achieve tremendous synergy and contribute immensely towards ensuring energy security of the nation and achieve the targets set by the ministry of petroleum and natural gas,'' Mishra, who is also OIL's chairman-cum-managing director, said.
The refinery processed 2,707 thousand metric tonnes (TMT) of crude oil during the year, which is a 14 per cent increase over that of the previous year. "It also imported 42 TMT crude oil which was processed in the refinery," he said.
There was an increase in production of high speed diesel by more than 12 per cent at 1,809 TMT and motor spirit by 36 per cent at 636 TMT over the previous year.
The refinery also recorded the highest ever wax production of 47 TMT, 17 per cent increase over the previous year and the highest ever LPG bottling at 57 TMT, an increase of 33 per cent over the previous year, Mishra said.
The sales volume during the year was 2,924 TMT, an increase of 23.9 per cent compared to 2,361 TMT in the previous year, HSD of 1,835 TMT against 1,541 TMT in the previous year. MS registered the highest ever sales at 647 TMT as against 458 TMT the previous year and wax sales was also the highest at 48 TMT, he said.
Mishra said the PSU continues to assiduously and aggressively pursue major ongoing projects, namely, the Numaligarh Refinery expansion project, 2G ethanol project and India-Bangladesh Friendship Pipeline (IBFPL).
The Numaligarh Refinery Expansion Project (NREP) envisages enhancing capacity of the existing refinery from 3 MMTPA to 9 MMTPA, constructing a crude oil import terminal at Paradip port in Odisha and laying of a 1,635 KM long cross country crude oil pipeline from Paradip Port to Numaligarh at a total estimated cost of Rs 28,000 crore, Mishra said.
NRL recorded the highest ever capital investment Rs 924 crore and several other ongoing projects undertaken during the financial year, he said.
The PSU has also been a frontrunner in adopting the latest and best practices in information technology and the year witnessed the launch of a number of initiatives, including the paperless office solution AAROHAN which has resulted in total digital transformation of the procurement cycle to be eventually implemented for all business processes of the organization, the NRL chairman said.
Another important development is the commencement of high performance analytic appliance migration project from December 2020 that would improve performance due to its ability to process data faster with embedded analytical capability while other initiatives include among others cloud hosted digital capital project management tools and immersive VR training for safety and marketing operations.
Mishra said that the company had earmarked Rs 36 crore to fight COVID-19, including setting up of a 120 bedded COVID care centre with ICU facilities, setting up of oxygen plants, setting up of Covid centres and free vaccination.