NRL's net profit soars to Rs 2,101 crore in 2016-17

By Our Staff Reporter

Guwahati, Sept 8: The Numaligarh Refinery Limited (NRL) has recorded its highest ever net profit of Rs 2,101 crore in 2016-17. The company also registered a significant growth of 73% over the previous fincial year’s net profit.

These facts were laid before the 24thAnnual General Meeting (AGM) of NRL held here on Friday. It was presided over by Bharat Petroleum Corporation Limited (BPCL) Chairman & Maging Director and NRL Chairman D Rajkumar and attended by NRL Maging Director P Padmabhan and other members of the NRL board and shareholders of the company.

The AGM also informed its members that the region’s leading refinery company registered its highest ever profit before tax (PBT) at Rs 3,148 crore in 2016-17, marking an increase of 69% compared to the last year’s PBT. The gross refining margin (GRM) at $8.5 per barrel also continued to be one of the best in the industry.

On the physical front, the refinery processed 2,683 thousand metric tonne of crude during the fiscal under review, achieving a capacity utilization of 89%. Net distillate yield at 90.52 % also continued to be the highest in the industry, while the Energy Intensity Index (EII) at 95.2 was among the best.

In the intertiol benchmarking study by Solomon Associates for PSU refineries for 2016, NRL’s performance has been rated in first quartile in six parameters viz, Net Cash Margin, Refinery Configuration Factor, Energy Cost Efficiency Index, Maintence Cost Efficiency Index, Maintence Index and Volumetric Expansion Index, which is a manifestation of the refinery’s overall good performance.

Commenting on the results during the fincial year 2016-17, Rajkumar said, “With the commitment and relentless efforts of all stakeholders, I am sure NRL will continue its best performance in the years ahead.”

The refinery’s contribution to the Central and State exchequers in the form of taxes, duties and dividends during the year 2016-17 was also the highest ever at Rs 4,353 crore (Rs 3,747 crore to the Centre and Rs 606 crore to the State), emerging as one of the biggest contributors to the exchequers in the Northeast.

AGM was informed that NRL’s flagship proposal for refinery expansion, which is also a part of “Hydrocarbon Vision 2030 for the North East”, is under active consideration of the Government of India. The Bio-Refinery project and Indo-Bangla pipeline are also moving in the right direction.

NRL’s corporate social responsibility expenditure during 2016-17 stood at Rs 20.70 crore. As an initiative towards skill development and generating livelihood opportunities for the local people, the refinery has trained 160 local youths in the field of nursing, paramedics, Ayurvedic nursing, hospitality magement, cutting and tailoring, etc.