Numaligarh Refinery Limited (NRL) registered the highest ever Profit After Tax (PAT) since its inception at Rs. 3,703 crore in the Financial Year 2022-23 as compared to Rs. 3,562 crore registered in FY 2021-22. The Company also recorded the highest-ever revenue from operations during the year at Rs. 29,786 crore, a surge of 26% YoY as compared to Rs. 23,547 crore in the previous year. The Earning per Share (EPS) of the company also saw a surge to Rs. 25.17 as compared to Rs. 24.21 in 2021-22. The net worth increased to Rs. 11,427 crore as on 31st March 2023 vis-à-vis Rs.  8,388 crore as on 31st March 2022.

Addressing the shareholders of the company, Chairman Dr. Ranjit Rath said, 'Today is truly special because it is the first AGM after the announcement of upgradation of NRL from Schedule - B to Schedule A CPSE by the Govt. of India. I take the opportunity to extend my hearty congratulations to all of you for making it possible. This accomplishment has been the fruition of tireless efforts and outstanding achievements in every sphere of NRL's activities in its prolific journey of 30 years.'

The year 2022-23 was a milestone year for the Company with record performances in all fronts. For the first time since its inception, the Refinery was able to achieve capacity utilization of more than 100%, processing 3,091 TMT of crude oil. With high level of throughput and efficiency in operations, the refinery could achieve highest ever Distillate Yield of 87.7% and best ever Specific Energy Consumption (SEC) of 61.7 MBN. The exemplary physical performance coupled with favourable international prices of crude oil and products resulted in highest ever Gross Refinery Margin (GRM) at $19.86/ bbl during 2022-23.

Marketing performance aptly complemented the outstanding physical performance during the year. Product sales showed an improvement with a total sales of 3,016 TMT as compared to 2,802 TMT in the previous year. Sales within the Northeast was 1,259 TMT, which marked an improvement of over 11% from the previous year sales of 1,133 TMT, reflecting an optimistic demand scenario across the North East states. Sales during the year also comprised 50 TMT of Gas Oil exported to Bangladesh.

Capital Investment & Projects

It is a matter great pride that the Hon'ble Prime Ministers of India and Bangladesh jointly inaugurated the prestigious 'India-Bangladesh Friendship Pipeline (IBFPL)' on 18th March 2023, after its successful commissioning during the year.

The company is aggressively executing few more significant projects viz. Numaligarh Refinery Expansion Project (NREP), Paradip Numaligarh Crude Oil Pipeline (PNCPL) & Crude Oil Import terminal at Paradip (COIT) and 2G Ethanol Project (JV project). During the year, a 360 KTPA Polypropylene project was approved at a cost of Rs. 7,231 crore. In the next 5 years, NRL plans to invest more than Rs. 35,000 crore in completing these projects, which will enable long term business growth, both in terms of revenue and profit.

A final dividend of Rs. 235.40 Crore for the FY 2022-23 has been declared during the AGM. The company has already paid an interim dividend of Rs. 882.76 Crore for the FY 2022-23. Thus, total dividend pay-out for the FY 2022-23 is Rs. 1,118.16 crore, representing 30.20% of NRL's Profit After Tax (PAT) for the year.

Environment and Sustainability

NRL’s ambitious commitment towards sustainability and environment reflects in its carving out a roadmap for attaining Net Zero by the year 2040. NRL has, for the first time, included the BRSR (Business Responsibility and Sustainability Report) in its Annual report; though it is not mandatory for an unlisted company which reflects its sincerity and focus on sustainable development.