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Dolat Capital Report
The revenue from operations of Indian Oil Corporation Ltd. grew 29.1% to Rs 9514.1 billion in FY23 from 7367.1 billion in FY22, while the profit after tax declined by almost 54.5% to Rs 117.0 billion in FY23 from Rs 257.2 billion in FY22.
The Ebitda margin went down by 330 bps to 3.2% in FY23 when compared to 6.5% in FY22. The Ebitda for FY23 was Rs 307 billion, down significantly from Rs 477.2 billion in FY22.
IOCL reached its highest ever sales volume of 95.7 milion tonnes. The total capex expenditure for the year was Rs 372.9 billion. The group is investing Rs 1000 billion as it aims to expand its refining capacity by 26 million tonnes per annum to 107 mtpa. It has multiple capacity expansion projects at its various refineries.
Ongoing expansion include Panipat refinery from 15 mtpa to 25 mtpa, Gujarat Refinery from 13.7 mtpa to 18 mtpa, Digboi from 0.6 mtpa to 1.0 mtpa, Barauni from 6 mtpa to 9 mtpa and Chennai Petroleum Corporation Ltd. from 10.5 mtpa to 19.5 mtpa. CPCL includes Manali refinery and the upcoming Cauvery Basin refinery.
IOCL commissioned during the FY23, the largest pipeline expansion of 2,454 kms to reach 17,564 kms. It achieved a record throughput of over 53 million tonne for the crude and 41.7 metric million tonne for the product pipeline.
The company is currently exploring converting gas pipelines for hydrogen transportation. The company is doing this with Snam Spa of Italy.
The company continues to expand its marketing network taking the customer touch points across the country to over 60,000 that include 36,445 fuel stations and 12,864 LPG distributorship.
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