Numaligarh Refinery Posts Rs 23,731 Crore Revenue for FY 2023-24

Numaligarh Refinery Limited (NRL) has reported a revenue of Rs 23,731 crore and a net profit of Rs 2,160 crore for the financial year 2023-24, according to chairman Ranjit Rath. Despite challenges in the first quarter due to a planned shutdown and an unexpected fire, the company ended the year positively.

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Dividend and Financial Performance

During the 31st annual general meeting, Rath announced a final dividend of Rs 258.42 crore for the financial year. An interim dividend of Rs 452.24 crore had already been paid, making the total dividend payout Rs 710.66 crore, which is 32.90% of NRL’s Profit After Tax (PAT). The refinery processed 2,510 TMT of crude oil, achieving full capacity utilisation for ten months.

NRL's net worth increased to Rs 13,926 crore during the year. The company also recorded its highest-ever standalone capital expenditure of Rs 8,502 crore, a 24% rise from the previous year. The total product sales reached 2,720 TMT.

Operational Efficiency and Market Leadership

The refinery maintained strong performance in Specific Energy Consumption (SEC) and Energy Intensity Index (EII), indicators of energy-efficient operations. NRL contributed Rs 3,819 crore to central and state taxes, duties, and dividends during the financial year.

NRL's LPG bottling plant achieved its highest-ever capacity utilisation of 68 TMT against an installed capacity of 42 TMT. The company remains a leader in wax production and sales within India. Sales within northeast India were at 1,173 TMT, accounting for 43% of total sales compared to 41% in the previous year.

Expansion Projects and Sustainability Initiatives

Significant progress has been made on the Numaligarh Refinery Expansion Project, which includes a new 6 MMTPA refinery, a 1,635 KM Paradip-Numaligarh crude oil pipeline, and a crude oil import terminal at Paradip. This project is expected to be completed by December 2025.

Environmental clearance has been received for a new 360 KTPA Poly-Propylene Plant as part of NRL’s diversification strategy. Additionally, a 2.4 KTPA Green Hydrogen Project and a joint venture with Assam Biorefinery Private Limited for a 2G Biorefinery are underway. These projects represent an investment exceeding Rs 45,000 crore.

Impact on Product Movement

When asked about the impact of the situation in Bangladesh on product movement to the neighbouring country, Rath confirmed that there has been no disruption. The pipelines are functioning normally, ensuring smooth product movement.

NRL continues to focus on sustainability and diversification to maximise stakeholder value. The company’s strategy revolves around these core principles to ensure long-term growth and efficiency.

The financial year concluded with NRL demonstrating resilience and robust performance across various operational metrics despite initial setbacks.