Assam’s state-owned Numaligarh Refinery Ltd (NRL) posted a record earnings in fiscal 2021-22 with profit after tax of Rs 3,562 crore as compared to Rs 3,036 crore in the previous year, or an increase of Rs 525 Crore.
After the 29th NRL’s Annual General Meeting, Chairman-cum-Managing Director Ranjit Rath on Monday said that highest-ever profit before tax was also achieved by the company at Rs 4,848 crore, which is higher by 18.37 per cent over Rs 4,083 crore of the previous financial year, mainly due to increase in overall gross margin and higher inventory gains.
During financial year 2021-22, the company also achieved the highest-ever sales turnover of Rs 23,546 crore, or 26.95 per cent higher over Rs 18,548 crore in the previous year, primarily on account of increase in product prices.
The net worth of the company has increased to Rs 8,388 crore as on March 31 this year as compared to Rs 5,596 crore in the previous year. The NRL has contributed a total of Rs 5,809 crore to the government exchequer in the form of taxes, duties, and dividends.
Rath said that in the next five years, the company has planned to invest more than Rs 35,000 crore and is determined in its pursuit of executing the major ongoing projects — the Numaligarh refinery expansion project, the Paradip-Numaligarh crude oil pipeline, the crude oil import terminal at Paradip, the 2G Ethanol Project, and the India-Bangladesh friendship pipeline.
During FY 2021-22, the refinery achieved a throughput of 2,624 TMT that included 23 TMT of imported crude oil, the CMD said.
Product sales during the year were 2,799 TMT compared to 2,924 TMT in the previous year. Sales within northeast, at 1,090 TMT, marked significant improvement (39 per cent of total sales) against 817 TMT (28 per cent of total sales) in the previous year which contributed towards savings on account of CST and freight under-recoveries.
Sales also comprised 56 TMT of gas oil exported to Bangladesh and 125 TMT naphtha to Brahmaputra Cracker and Polymer Ltd from external sources.
The NRL, one of the four refineries in oil and gas-rich Assam, was set up at Numaligarh in Golaghat district in April 1993 in accordance with the provisions made in the Assam Accord signed on August 15, 1985. Conceived as a vehicle for speedy industrial and economic development of the region, the NRL was dedicated to the country by then Prime Minister Atal Bihari Vajpayee on July 9, 1999.