Ranjit Rath, chairman and managing director of the company, told reporters following the annual general meeting that the company is committed to carrying out its major ongoing initiatives, including the expansion of the Numaligarh Refinery, the Paradip Numaligarh crude oil pipeline and crude oil import terminal at Paradip, as well as the 2G ethanol project and IBFPL.
“The corporation has planned to invest more than Rs35,000 crore in completing these projects over the next five years,” he added. According to Rath, the projects will support long-term corporate growth, and finishing them without going over budget or by more than expected remains the company’s major priority.
According to him, the expansion project’s approved cost is Rs18,968 crore, and as of June 30, 2022, physical development was 14.1% and total financial commitment was Rs11,996 crore. By the conclusion of the first fiscal year of the current fiscal year, physical progress was 27.5 % and financial progress was 33.01 % for the crude oil pipeline and terminal projects, which have an authorized cost of Rs9,058 crore.
According to the CMD, the IBFPL project has a target completion date of October 2022 and has made total physical development of 92.7% as of June 30 of this year. According to him, “the financial year 2021—22 finished on a bright note, despite obstacles and uncertainties that the firm successfully overcame by relying on resilient, adaptable, and reliable systems and procedures.”
NRL produced 2,624 TMT of throughput for the fiscal year 2021—2022, including 23 TMT of crude oil imports. The refinery also began a 10% ethanol mix in motor spirit (petrol) at its Siliguri and Numaligarh Marketing terminals, which the CMD noted is picking up steam in the current fiscal year.
After thorough consultations with specialists and other stakeholders, he also allayed concerns about safety protocols and said that the worldwide norms were being followed. 56 TMT of gas oil was shipped to Bangladesh during the year, while Brahmaputra Cracker and Polymer Limited (BCPL) received 125 TMT of naphtha from outside sources.
B J Phukan, the managing director of NRL, and other top executives were also there. In the most recent fiscal year, the firm generated a record-breaking Rs 23,546 crore in revenue, an increase of 26.95% over the prior year, according to Rath. According to him, the rise in product pricing was the cause of the record sales. Rath stated that the company’s revenue grew from the previous year’s Rs 18,548 crore when addressing the 29th annual general meeting.
According to him, the corporation has declared a 150 % dividend for the fiscal years 2021—2022. In contrast to the previous year, it reported a record profit of Rs 3,562 crore in FY22, up from Rs3,036 crore. As of March 31, 2022, the company’s net value was Rs8,388 crore as opposed to Rs5,596 crore the year before.
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