NRL declares final dividend of Rs 258.42 crore in its 31st AGM

Syllad | The Rising MeghalayaAugust 30, 2024

Numaligarh Refinery Limited (NRL) held its 31st Annual General Meeting (AGM) on Friday at its Corporate Office in Guwahati, with the meeting presided over by NRL’s chairman and CMD of Oil India Limited (OIL) Dr Ranjit Rath.

The AGM was attended by managing director BJ Phukan, along with other members of the NRL Board and shareholders.

During the AGM, the company declared a final dividend of Rs 258.42 crore for the financial year 2023-24, following an earlier interim dividend of Rs 452.24 crore. This brings the total dividend payout for the year to Rs 710.66 crore, representing 32.9 per cent of NRL’s Profit After Tax (PAT).

Rath addressed the shareholders, highlighting the company’s resilience in overcoming operational challenges, including a planned refinery shutdown and an unforeseen fire incident in the first quarter of the financial year.

“It is indeed praiseworthy that NRL bounced back with gusto after the initial setback, demonstrating exemplary resilience, perseverance, and unwavering commitment of its employees,” Dr Rath stated.

NRL reported a strong operational performance despite the early challenges, processing 2,510 TMT of crude oil during the year, which reflects full capacity utilization over 10 months. The company’s focus on energy efficiency was evident in its Specific Energy Consumption (SEC) and Energy Intensity Index (EII) metrics.

Financially, NRL recorded a Profit Before Tax (PBT) of Rs 2,912 crore and a net profit of Rs 2,160 crore for FY 2023-24. Revenue from operations reached Rs 23,731 crore, with a Gross Refining Margin (GRM) of $13.17 per barrel. The company also reported an Earnings Per Share (EPS) of Rs 13.95, while its net worth increased to Rs 13,926 crore. NRL’s contributions to the central and state exchequers, through taxes, duties, and dividends, amounted to Rs 3,819 crore.

Total product sales during the year stood at 2,720 TMT, with NRL’s LPG bottling plant achieving its highest-ever capacity utilization of 68 TMT against an installed capacity of 42 TMT. The company maintained its leadership in wax production and sales, with a significant portion of sales coming from the Northeast region, reducing freight under recoveries.

NRL’s capital expenditure reached a record Rs 8,502 crore, marking a 24 percent increase from the previous year. The company is making substantial progress on its Numaligarh Refinery Expansion Project, which includes a 6 MMTPA refinery, a 1,635 KM Paradip Numaligarh Crude Oil Pipeline, and a Crude Oil Import Terminal at Paradip. These projects are expected to be completed by December 2025.

In line with its sustainability goals, NRL is nearing the commissioning of its 2G Biorefinery, which will have a carbon-negative impact. Additionally, the company has received environmental clearance for its 360 KTPA Poly-Propylene Plant (Petchem Project) and is advancing its 2.4 KTPA Green Hydrogen Project. These initiatives, along with the biorefinery being developed through its joint venture, Assam Biorefinery Pvt. Ltd., underscore NRL’s commitment to diversifying its product portfolio and transitioning towards cleaner energy. The total investment in ongoing projects exceeds Rs 45,000 crore.

In its commitment to corporate social responsibility, NRL made significant contributions to rural health infrastructure by renovating and providing medical equipment to 40 hospitals and 8 public health centres in Golaghat District, Assam. The company also partnered with the Government of Assam to establish a High-Performance Sports Training and Rehabilitation Centre in Jorhat. NRL’s total expenditure on CSR activities during FY 2023-24 amounted to Rs 94.18 crore.