Indian Oil Corporation Ltd
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BSE Code:
530965
NSE Code:
IOC
Business Profile
Business Profile
Indian Oil Corporation, established in 1959, owns and operates 10 of India`s 18 refineries with a combined refining capacity of 54.20 million tonnes per annum (1 million barrels per day). These include two refineries of subsidiary Chennai Petroleum Corp. and one of Bongaigaon Refinery and Petrochemicals. Indian Oil owns and operates the country`s largest network of cross-country crude oil and product pipelines spanning nearly 9,000 kilometres with a combined capacity of 60.42 MMTPA.
Indian Oil, with its registered office in Mumbai, India, has a countrywide network of 24,000 sales points backed for supplies by 158 bulk storage depots and terminals, 95 aviation fuel stations and 88 Indane LPG bottling plants. It has IBP Co. as its subsidiary, which works as a stand-alone marketing company with a nationwide network of nearly 4,000 retail sales points.
The company has formed a number of JVs with various multinationals including Lubrizol Corporation, US (in Lubrizol India), with the Nyco, France and the domestic Balmer Lawrie (in Avi-Oil India), with Oiltanking, Germany (in Indian Oiltanking), and with Petronas, Malaysia (in IndianOil Petronas).
Indian Oil plans to grow from a USD 35 billion turnover company to USD 60 billion by the year 2011-12 with well-coordinated strategic plans, including clear blueprints for USD 15.5 billion (Rs 70,000 crore) investments. During the X Plan period (2002-07), it is investing Rs 244,000 million in developing capital assets and has drawn up a comprehensive business plan to seek growth beyond existing business.
Financials
The company swung to profit for the quarter ended March 2009. During the quarter, the company reported profit of Rs 66,229.60 million compared with a loss of Rs 4,142.70 million in the same quarter previous year. Net sales declined 6.88% to Rs 599,377 million, while total income for the quarter fell 15.59% to Rs 605,998.00 million, when compared with the prior year period. It reported profit of Rs 54.56 a share during the quarter compared with a loss of Rs 3.48 a share in prior year period.
Recent Developments
14-MAY-09
A consortium of 21 lenders led by the State Bank of India committed a Rupee Term Loan of Rs 149 billion on May, 14, 2009 to the company for its 15 million metric ton per annum (MMTPA) Grassroots Refinery Project being implemented at Paradip, Orissa.
16-MAR-09
CRISIL has assigned its ratings of AAA/Negative/P1+ to the company debt and bank facilities.
09-DEC-08
The company has inked pact with Adani Energy, the gas distribution arm of Adani group, for setting up 50:50 city gas distribution joint venture.