IOC: Elevated Performance Dynamics
Indian Oil Corporation (IOC) plays a vital role in India's energy sector,
ensuring fuel availability, driving economic growth, and meeting energy
demands
Based on sustained all-round performance, Indian Oil Corporation (IOC) regularly finds itself among the top-20 list of Most Respected Companies. It scored high marks across parameters like trustworthy leadership, financial returns and corporate social responsibility (CSR).
The oil marketer gave a stellar performance in 2022-23 across all operational fronts. During the year, IOC registered its highest-ever revenue from operations at Rs 9,34,953 crore, a 28 per cent year-over-year growth. It also notched up a net profit of Rs 8,242 crore, underscoring the inherent resilience that empowers it to rise above global challenges and make a mark. The company also achieved the highest ever sales volume of 95.714 million metric tonnes (MMT) of products, cementing its leadership position in the business.
In FY23, IOC contributed more than 25 per cent of the total capex incurred by the PSUs under the Ministry of Petroleum & Natural Gas, reflecting its energy leadership. For 2022-23, IOC achieved a capex of Rs 37,287 crore, which was 131 per cent of the utilisation value budgeted for the entire fiscal year, said S.M. Vaidya, Chairman, IOC, while addressing the shareholders.
Expansion & Integration
To ensure uninterrupted energy supply for India’s rising socio-economic demands, IOC said it is investing over Rs 1 lakh crore in strategic brownfield capacity expansions. The key projects under execution included refinery expansions at Panipat Refinery (from 15 to 25 MMTPA), Gujarat Refinery (from 13.7 to 18 MMTPA), Barauni Refinery (from 6 to 9 MMTPA), Digboi Refinery (from 0.65 to 1 MMTPA). These along with CBR (9 MMTPA) will augment the refining capacity by more than 26 MMTPA, taking the total refining capacity to about 107 MMTPA in the near future.
Mission Net Zero
IOC says it has already put in place a blueprint with a multi-pronged approach to gradually take the company towards the net zero goal. It has planned an investment of around $30 billion till 2046 to achieve this. The various emission mitigation pathways such as green hydrogen, biofuels, renewables, carbon offsetting, and carbon capture utilisation and storage (CCUS) are already underway to steer the green journey, the chairman informed.
