GUWAHATI, Aug 10 - The profitability of Numaligarh Refinery Limited (NRL) in the financial year 2019-20 was adversely affected due to inventory losses in the month of March 2020, as crude oil prices reached a new low impacted by the pandemic situation.
Revenue from operations recorded a dip at Rs 14,073 crore during 2019-20 as compared to Rs 18,511 crore in the previous year due to lower sales volume and reduction in prices of petroleum products in the international market, a statement said after the 27th annual general meeting (AGM) of the company.
Profit before tax decreased to Rs 1,735 crore during the year 2019-20 from Rs 3,052 crore in the previous year. Consequently, profit after tax decreased to Rs 1,381 crore during the year as compared to Rs 1,968 crore in the previous year. NRL�s net worth stood at Rs 5,304 crore as on March 31, 2020. The company has a near-zero debt position and favourable credit ratings, making for a strong balance sheet position to raise funds for its refinery expansion project, the statement said.
NRL�s contribution to the Central and State exchequers in the form of taxes, duties and dividends during the year 2019-20 has been Rs 3,361 crore.
The 27th AGM of NRL was held today through online web conference, keeping in view the current pandemic of COVID-19. The meeting was presided over by D Rajkumar, Chairman and Managing Director of Bharat Petroleum Corporation Limited (BPCL) and Chairman of NRL and was attended by SK Barua, Managing Director, NRL, other members of the NRL Board and shareholders of the company.
The annual dividend paid by the company remained at 150 per cent i.e. Rs 15 per share which was already disbursed as interim dividend in February 2020.
�The last few months have been tough with most of our efforts focused on adapting to the changing circumstances that have unfolded in the wake of the COVID-19 pandemic. On the positive side, the crisis has thrust upon us opportunities to break free from the conventional ways in which we have been carrying out our business and also to explore other possibilities to stay current and relevant,� Rajkumar said.
The refinery processed 2,383 TMT of crude oil in 2019-20 compared to 2,900 TMT in the year 2018-19, the decline being mainly attributable to refinery turn around undertaken after a gap of four years and lower capacity utilisation during March 2020 in the aftermath of COVID-19. However, improved results were recorded in terms of specific energy consumption and energy intensity index. During the year 2019-20, the refinery also processed maiden imported Miri light crude oil from Malaysia. Overall, in terms of production efficiency, NRL continues to be in the league of best performing refineries in the country with one of the highest distillate yield, lowest specific energy consumption and high gross refining margin (GRM).
Overall sales volume during 2019-20 was 2,361 TMT against production of 2,300 TMT. The highlight of the year was launch of NRL�s own brand of food grade wax �Pristene� that recorded a sale of 0.5 TMT during the year.
The bulk LPG tanker unloading facility was commissioned in Numaligarh to facilitate receipt of external LPG input to boost packed LPG production. Additional four lakh LPG cylinders could be bottled using the external LPG input.
NRL has been at the forefront of BS-VI transition in the country and began supplying BS-VI auto fuels to the market from the first week of February 2020, well ahead of scheduled date of April 1, 2020, enabling oil marketing companies to upgrade their inventory of automotive fuels � petrol and diesel � to BS VI in their retail outlets and terminals.