The 31st Annual General Meeting of Numaligarh Refinery Limited (NRL) was held on Friday, the 30th of August 2024 at NRL Corporate Office, Guwahati. The Meeting was presided over by Chairman NRL and CMD OIL, Dr. R Rath and was attended by MD NRL, Mr. B J Phukan and other members of the NRL Board and shareholders of the Company.
A final dividend of Rs. 258.42 Crore for the FY 2023-24 has been declared during the AGM. The Company has already paid an interim dividend of Rs.452.24 Crore for the FY 2023-24. Thus, total dividend pay-out for the FY 2023-24 is Rs.710.66 Crore, representing 32.90% of NRL’s Profit After Tax (PAT) for the year.
Addressing the shareholders of the Company, Chairman Dr. Ranjit Rath said,‘The Financial Year ended on a positive note despite loss of operations during the first quarter of the financial year 2023-24 on account of the planned Refinery shutdown and an unforeseen fire incident. It is indeed praiseworthy that NRL bounced back with gusto after the initial setback, demonstrating exemplary resilience, perseverance and unwavering commitment of its employees’
Performance
During the Financial Year 2023-24, the Refinery processed 2,510 TMT of Crude Oil, equivalent to 100% capacity utilization for 10 months, a considerable feat taking into account that the refinery was recuperating from a valuable quarter lost during the beginning of the Financial Year 2023-24. This is also a manifestation of improved reliability of plant units. The Refinery continued to show impressive performance with respect to Specific Energy Consumption (SEC) and Energy Intensity Index (EII), pointers that determine energy efficient operations.
NRL recorded Profit Before Tax (PBT) of Rs. 2,912 Crore, while the net profit recorded was Rs.2,160 Crore for the Financial Year 2023-24. Revenue from operations recorded during the year was Rs. 23,731 Crore while Gross Refining Margin was $13.17 per bbl. The Earning per Share (EPS) for the year 2023-24 was Rs.13.95. During the year, the Company’s net worth soared a notch higher to Rs.13,926 Crore. The Company continued to contribute significantly to the Central and State Exchequer in the form of taxes, duties and dividends, with a contribution of Rs. 3,819 Crore extended during the FY 2023-24.
Total product sales during the year was 2,720 TMT. NRL’s LPG bottling plant recorded the highest ever capacity utilisation of 68 TMT during the year against installed capacity of 42 TMT. NRL remains the market leader in the country with regard to Wax production and sales. Sales within Northeast was registered at 1,173 TMT, which was 43% against 41% of the total sales in the previous year, thus contributing towards reduction in freight under recoveries.
Capital Investments and Projects
During the year, NRL recorded the highest ever standalone capital expenditure of Rs. 8,502 Crore, marking an increase of 24% over last year; which is an indicator of the fast paced progress made in executing projects on the anvil, big and small ensuring long term growth and sustainability.
NRL has made significant progress in the ongoing mega Numaligarh Refinery Expansion Project with a train comprising of the 6 MMTPA Refinery, the 1,635 KM Paradip Numaligarh Crude Oil Pipeline and Crude Oil Import Terminal at Paradip; which is expected to be completed by December 2025.
Sustainability , diversification and thereby maximising stakeholder value has been at the core of NRL’s strategy and operations. During the year, NRL has been able to bring to the cusp, commissioning of the 2G Biorefinery, that would have a carbon negative impact on the environment. Environmental clearance for the 360 KTPA Poly-Propylene Plant (Petchem Project) has recently been received. This along with the 2.4 KTPA Green Hydrogen Project and imminent commissioning of the 2G Biorefinery being implemented through the JV, M/s Assam Biorefinery Pvt. Ltd demonstrate NRL’s push to diversify its product portfolio while transitioning towards cleaner energy and aligns with achieving its net zero goals by the year 2038. The total investment on ongoing projects is in excess of Rs. 45,000 Crore.
CSR
This year, the Company walked the extra mile to improve the rural health infrastructure by renovating and providing medical equipment to 40 Hospitals and 8 Public Health Centres in Golaghat District of Assam, as a primary healthcare intervention measure. NRL also collaborated with Govt of Assam to set up a High Performance Sports Training and Rehabilitation Centre at Jorhat, Assam. An amount of 94.18 Crore was spent during the financial year 2023-24 for CSR activities undertaken by the Company.
Photo caption : A glimpse of the 31st AGM of NRL being presided over by Chairman NRL and CMD OIL Dr. R Rath.