Assam: Numaligarh Refinery Limited records revenue earning of Rs 23,731 crore during 2023-24

Assam's Numaligarh Refinery Limited (NRL) recorded a revenue earning of Rs 23,731 crore and a net profit of Rs 2,160 crore during the financial year 2023-24, chairman Ranjit Rath informed on August 30.

Speaking at a press conference after NRL’s 31st annual general meeting, 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 planned refinery shutdown and an unforeseen fire incident."

Furthermore, he stated that the company has already paid an interim dividend of Rs 452.24 crore with the total dividend pay-out for the year being Rs 710.66 crore, representing 32.90 per cent of NRL’s Profit After Tax (PAT) for the year. He added that NRL bounced back after the initial setback and a final dividend of Rs 258.42 crore for the financial year was declared during the AGM.

He also informed that the refinery processed 2,510 TMT of crude oil, equivalent to 100 per cent capacity utilisation for 10 months and during the year, the company’s net worth soared to Rs 13,926 crore.

On being asked about the impact of the Bangladesh situation on the movement of the refinery products to the neighbouring country, Rath said there has been no difference and products moving normally.

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.

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 financial year.

The 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 an installed capacity of 42 TMT.

NRL remains the market leader in the country with regard to wax production and sales.

Sales within northeast were registered at 1,173 TMT, which was 43 per cent against 41 per cent of the total sales in the previous year, thus contributing towards reduction in freight under recoveries.

During the year, NRL recorded the highest-ever standalone capital expenditure of Rs 8,502 crore, marking an increase of 24 per cent over last year, Rath added.

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.

The chairman pointed out that sustainability, diversification and thereby maximising stakeholder value has been at the core of NRL’s strategy and operations.

Environmental clearance for the 360 KTPA Poly-Propylene Plant (PetchemProject) has recently been received which along with the 2.4 KTPA Green Hydrogen Project and imminent commissioning of the 2G Biorefinery being implemented through a joint venture with Assam Biorefinery Private Limited with the total investment of the ongoing projects being above Rs 45,000 crore.