Numaligarh Refinery makes record Rs 1222-cr profit, pays 70 per cent dividend

CMD Padmanabhan said that NRL recorded the highest ever net profit of Rs 1,222 crores during 2015-16, registering a marked growth of 70 per cent over previous year’s net profit of Rs 718 crore.

Written by Samudra Gupta Kashyap | Guwahati | Updated: September 10, 2016 2:00 am

The public sector Numaligarh Refinery Ltd (NRL) located in Assam on Friday here announced making a record net profit of Rs 1,222 crore during 2015-16, at the same time also declaring an all-time high divided payout of 35 per cent, which together with an interim divided took the total dividend payout to 70 per cent.

Making these announcements at its 23rd annual general meeting held here on Friday, NRL chairman and managing director P Padmanabhan also said that the refinery had processed 2,520 TMT of crude oil during 2015-16, with its net distillate yield at 90.4 per cent considered to be the highest in the industry. NRL has BPCL, Oil Indian Ltd and the government of Assam as its main stakeholders.

The refinery that was set up as a follow-up of the Assam Accord of 1985 between the Government of India and the All Assam Students’ Union (AASU) also made its highest ever contribution of Rs 3,085 crore to the exchequer, CMD Padmanabhan said. “NRL has completed 16 years of successful operations with sustained profitability. The financial year 2015-16 ended with achievements of unprecedented excellence on several fronts,” he said.

Giving details of its financial performance, CMD Padmanabhan said that NRL recorded the highest ever net profit of Rs 1,222 crores during 2015-16, registering a marked growth of 70 per cent over previous year’s net profit of Rs 718 crore. “This is for the first time that the company has recorded a net profit above Rs 1,000 crore. Profit before tax (PBT) was recorded at Rs 1,883 crores, marking an increase of 66 per cent compared to the previous year’s PBT of Rs 1,134 crore,” he added.

NRL during 2015-16 also began commercial production and sale of paraffin wax, capturing about 45 per cent of the domestic wax market by the end of the financial year. NRL wax was also exported and marketed in neighbouring Nepal and shipped to as far as Kenya, with Padmanabhan saying that Mexico, Mozambique and USA ave also evinced interest in procuring wax from it.