Indian Oil posts robust operational performance in FY23
2 min read . Updated: 03 Apr 2023, 08:17 PM IST
Premium- IOC chairman SM Vaidya said the company’s refineries clocked the highest-ever throughput of over 72.4 million tonnes in 2022-23, compared with 67.67 million tonnes in the previous fiscal year
NEW DELHI : State-run Indian Oil Corporation Ltd has posted robust operational performances for the last financial year (FY23), the company said in a statement on Monday.
IOC chairman S M Vaidya said the company’s refineries clocked the highest-ever throughput of over 72.4 million tonnes in 2022-23, compared with 67.67 million tonnes in the previous fiscal year. Its liquid pipelines throughput jumped from about 83.25 million tonnes in 2021-22 to the highest ever 94.7 million tonnes.
IOC also registered the highest-ever pipeline expansion of about 2,450 kilometres during the year.
“Despite challenging geopolitical situations, what stood out was our teams‘ perseverance and the determination to rise above every challenge thrown at us. Our unwavering commitment to excellence has paid off, and IndianOil continued to shine bright on the operational front," he said.
On the marketing front, IOC has achieved fuel sales growth of about 14% year-on-year. “Its petroleum products market share increased from 40.8% in 2021-22 to 42.9% in 2022-23," it said.
The petrol sales have grown by over 19.2%, diesel sales have increased by nearly 19.3 %, and LPG sales have risen by about 1%.
IndianOil’s lubricant brand Servo registered its highest-ever sales volume of 701,000 tonnes with a growth of 9% during 2022-23.
This growth in lubricant sales came on the back of a spectacular 24% rise during 2021-22 and 26% growth in 2020-21. “This translates to a market share rise from 24.9% in 2020-21 to 27.1% in 2022-23, thus cementing Servo’s stronghold across all lube segments in India," it said.
“IndianOil’s Grease sales also registered a growth of about 8% in the last financial year," it added.
Expansion of the marketing network has also been a firm focus area for IOC. “During 2022-23, the company commissioned 1784 outlets (petrol pumps), about 46% of (all) PSU commissioning's," the statement said.
The IndianOil fuel station network now has 36,285 outlets spread across the length and breadth of the country.
Last year, IOC also commissioned five aviation fuel stations taking the total to 132; seven Indane LPG bottling plants, taking the total to 108; and three depots and terminals taking the total to 120.
“In addition to IndianOil’s stellar operational performances, the company has also delivered impressive results on the capital expenditure utilization front. IndianOil has spent an all-time high amount of ₹35,205 crore on investments, which is 123% of the allotted target," it said.
The company invested ₹34,388 crore in its own projects and ₹817 crore in joint ventures and subsidiaries in FY23.
“The company is currently overseeing 120 ongoing projects of various scales, with a total capital cost of around ₹2.4 lakh crore. These investments reflect IndianOil’s commitment to achieving sustainable growth and strengthening its position in the Indian market," it added.