IOC turnover crosses Rs. 100,000 cr.

By Our Special Correspondent

NEW DELHI, JUNE 15. The public sector Indian Oil Corporation (IOC) has become the first Indian company to cross a turnover of Rs. 100,000 crores in 2000-01. The turnover reached Rs. 113,479 crores as compred to Rs. 94,263 crores in the previous year. The net profit has also risen to Rs. 2,720.33 crores from Rs. 2,443.40 crores in the previous fiscal.

IOC, which is the only Indian entry in the Fortune 500 list, has enlarged further this year by buying the Government stake in Chennai Petroleum Corporation (CPCL) and Bongaingaon Refinery and Petrochemicals (BRPL). This will raise the company's share in the country's refining capacity from 32 to 41 per cent, making it an even more dominant player in the oil sector.

A company statement says IOC's earning per share rose to Rs. 34.94 (basic and diluted) in 2000-01 from Rs. 31.38 in 1999-2000. The board of directors has also recommended a dividend of 95 per cent amounting to Rs. 739.74 crores for the year as against 75 per cent amounting to Rs. 584.01 crores last year.

During the 2000-01 fiscal, IOC's seven refineries at Guwahati, Barauni, Gujarat, Haldia, Mathura, Panipat and Digboi achieved a record crude throughput of 33.22 million tonnes, surpassing the previous best of 32.42 million recorded in the previous year. The company's crude oil and product pipelines transported 39.44 million tonnes of crude and products. The Salaya-Mathura pipeline achieved the highest ever crude throughput of 18.6 million tonnes.

As for sales, IOC sold about 48.74 million tonnes as against 47.80 million tonnes in the previous year. The company's R & D centre developed 42 new products including eight global industrial formulations and five genuine oils. Of these, 11 patents were granted and 15 new patents were filed in India and abroad.

IOC continues to be the lone Indian presence in the Fortune global 500 list of the world's largest corporations for the sixth consecutive year. In the Fortune listing based on the data for fiscal 1999, IOC is ranked 232nd by revenue, 46 levels higher than last year's position. Among petroleum refining companies, IOC continues to be the 16th largest in the world.

Send this article to Friends by E-Mail

Section  : Business
Previous : Rupee extends gains
Next     : U.S., China reach 'compromise' on accession to WTO