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Indian Oil Corporation Ltd

BSE Code : 530965 | NSE Symbol : IOC | ISIN:INE242A01010| SECTOR : Refineries |

NSE BSE
 
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120.95

-4.70 (-3.74%) Volume 280564

26-Nov-2021 EOD

Prev. Close

125.65

Open Price

125.65

Bid Price (QTY)

0.00(0)

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0.00(0)

 

Today’s High/Low 125.65 - 120.50

52 wk High/Low 141.75 - 84.05

Key Stats

MARKET CAP (RS CR) 113864.25
P/E 4.38
BOOK VALUE (RS) 134.6710205
DIV (%) 120
MARKET LOT 1
EPS (TTM) 27.62
PRICE/BOOK 0.898114527913598
DIV YIELD.(%) 9.68
FACE VALUE (RS) 10
DELIVERABLES (%) 32.5
4

News & Announcements

24-Nov-2021

Indian Oil Corporation Ltd - Indian Oil Corporation Limited - Change in Director(s)

15-Nov-2021

Indian Oil Corporation Ltd stays slippery

11-Nov-2021

Indian Oil Corporation Ltd Slides 3.12%

08-Nov-2021

Indian Oil Corporation Ltd gains for third straight session

01-Nov-2021

Board of Indian Oil Corporation recommends Interim Dividend

28-Oct-2021

Indian Oil Corporation appoints director

18-Oct-2021

Indian Oil Corporation revises board meeting date

11-Oct-2021

Indian Oil Corporation schedules board meeting

Corporate Actions

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Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Bharat Petroleum Corporation Ltd 500547 BPCL
Bongaigaon Refinery & Petrochemicals Ltd(merged) 500072 BONGAIREFN
Cals Refineries Ltd 526652
Chennai Petroleum Corporation Ltd 500110 CHENNPETRO
Hindustan Petroleum Corporation Ltd 500104 HINDPETRO
Kochi Refineries Ltd(merged) 500873 COCHINREFN
Mangalore Refinery And Petrochemicals Ltd 500109 MRPL
Nagarjuna Oil Refinery Ltd 534184 NAGAROIL
Nayara Energy Ltd 500134 ESSAROIL
Reliance Industries Ltd 500325 RELIANCE
Reliance Industries Ltd Partly Paidup 890147 RELIANCEP1
Reliance Petroleum Ltd (Merged) 500364 RELPETRO
Reliance Petroleum Ltd(merged) 532743 RPL

Share Holding

Category No. of shares Percentage
Total Foreign 678555886 7.21
Total Institutions 430883283 4.58
Total Govt Holding 10800000 0.12
Total Non Promoter Corporate Holding 36357 0.00
Total Promoters 4848133178 51.50
Total Public & others 3445786575 36.60
Total 9414158922 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Indian Oil Corporation Ltd

Indian Oil Corporation Ltd (IOCL) is India's flagship national oil company with business interests straddling the entire hydrocarbon value chain - from refining, pipeline transportation and marketing of petroleum products to exploration & production of crude oil & gas, marketing of natural gas and petrochemicals. The company is the leading Indian corporate in the Fortune 'Global 500' listing, ranked at the 168th position for the year 2017. IOCL is a public sector undertaking. Government of India held 56.98% stake in IOCL as on 31 December 2017. The company's operations include refineries, pipelines and marketing. Their portfolio of brands includes Indane LPGas, SERVO lubricants, XTRAPREMIUM petrol and XTRAMILE diesel and Propel Petrochemicals. In exploration and production, Indian Oil's domestic portfolio includes 11 oil and gas blocks and two coal bed methane blocks while the overseas portfolio consists of 10 blocks spread across Libya, Iran, Gabon, Nigeria, Timor-Leste, Yemen and Venezuela. Indian Oil Corporation Ltd was established in the year 1959 as Indian Oil Company Ltd. In the year 1964, Indian Refineries Ltd merged with Indian Oil Corporation Ltd. Indian Oil Blending Ltd a wholly owned subsidiary was merged with Indian Oil on May 2006. The company transferred their entire equity holding in Indian Strategic Petroleum Reserves Ltd (ISPRL) to the Oil Industry Development Board, a government body functioning under the Ministry of Petroleum & Natural Gas. Consequently, ISPRL ceased to be a wholly owned subsidiary in May 2006. The company formed one subsidiary company, namely IOC Middle East FZE, in Jebel Ali Free Trade Zone Dubai, with the objective of marketing lubricants and other petroleum products in Middle East, Africa and CIS regions. In June 2006, they incorporated a joint venture company namely, Indo-Cat Pvt Ltd with Intercat.Inc of USA for manufacture and marketing of FCC catalysts and additives. In the year 2007, the company received plenty of awards, Oil Industry Safety Directorate Awards, 'Most Admired Retailer of the Year' award, 'CIO 100 Award 2007', SAP ACE - Awards for Customer Excellence and the only petroleum company as 'The Most Trusted Brand' in ET's Brand Equity's annual survey. The SERVO acquires prestigious MAN Global approvals, Indian Oil's R&D Centre gets special recognition for Bioremediation and also SERVO secures entry into NSF White Book - H1 Category during the period. The company won Retailer of the Year - Rural Impact Award and their XtraPower won Loyalty Summit Award during the year 2008. In January 2008, the company and Hindustan Unilever Ltd (HUL) signed an MoU for setting up Kwality Walls Kiosks at select Indian Oil petrol stations across the country. Also, the company entered into an MoU with Transparency International India (TII) for implementing an Integrity Pact Programme focused on enhancing transparency in their business transactions, contracts and procurement processes. In April 2008, the company launched 'LNG at Doorstep' facility at the Pen unit of H&R Johnson, the facility, first of their kind in the country, which are primarily aimed at catering to the needs of Liquefied Natural Gas (LNG) customers who are not located on the main natural gas pipelines. The company was conferred with the 'Maharatna' status by the Government of India which provides enhanced autonomy and larger flexibility for its operation. During the year 2009-10, the company commissioned 238 new retail outlets and 414 Kisan Seva Kendra (KSK) outlets taking their total tally to 18,643. The company's Indane LPG brand earned the coveted status of 'Superbrand'. On the lines of KSK, the Rajiv Gandhi Grameen LPG Vitarak Yojana was launched to penetrate rural markets. During the year, the company was granted the Petroleum Exploration License for one of the two Type-S blocks in Cambay basin for which it is the operator. Upon getting the license, exploration activities were initiated in the block. The company was awarded a project for the development, extraction, upgradation and marketing of heavy oil in Carabobo heavy oil region of Venezuela in consortium with Repsol, Petronas, ONGC Videsh Ltd. and Oil India Ltd. During the year 2010-11, the company enrolled about 46.8 lakh new Indane LPG customers and commissioned 245 new Indane distributors taking their total to 618.3 lakh and 5,311 respectively. The LPG Bottling capacity was enhanced to 5,518 TMTPA with capacity addition of 326 TMT. In order to provide LPG to rural India, the company commissioned 145 distributors under the Rajiv Gandhi Gramin LPG Vitaran Yojana under the auspices of Ministry of Petroleum & Natural Gas. As a part of their CSR activity, 10,052 new connections were released to BPL families. During the year, the company formed a joint venture company was formed with Nuclear Power Corporation of India Ltd (NPCIL) for setting up Nuclear power plants. In July 2010, the company commissioned their first gas pipeline between Dadri and Panipat and thus they commenced gas supplies to Panipat Refinery. The company in consortium with GSPC, HPCL and BPCL won gas pipeline bids for Mallavaram to Bhilwara and Vijaypur via Bhopal, Mehsana to Bhatinda and Bhatinda to Jammu and Srinagar. In 2012 Oil India Limited (OIL) and Indian Oil Corporation (IOCL) jointly acquired a stake in Carrizo's liquid rich shale assets in the Niobrara basin in Colorado, USA. Indian Oil (IOC) also launched a new engine oil SERVO 4T SYNTH with advanced synthetic chemistry, for use by two-wheelers. Petroleum & Natural Gas and Corporate Affairs launched IOCL's Mobile Healthcare Scheme, a Corporate Social Responsibility (CSR) initiative of IOCL. Indian Oil Corporation's (IOCL) Rural Mobile Health Scheme (Sachal Swasthya Seva), launched as part of its corporate social responsibility (CSR) agenda, was formally inaugurated on all-India basis. In 2013 IOC planned for capacity expansion at Doimukh depot and also IOCL inked MoU for Rs 5-k cr natural gas terminal in Odisha In 2014 IOCL conferred SCOPE Meritorious Award for CSR and Responsiveness by the Hon'ble President of India. IOCL R&D also wins National Awards for Technology Innovation -IOCL wins BML Munjal Award for Business Excellence In 2015 Indian Oil Corporation commenced construction work on its proposed 4 MW solar power project at Muttam village in the district. IOC also inked MoU with Nepal Oil Corporation. The Board of Directors of IOCL at its meeting held on 29 January 2015 approved the laying of Paradip-Hyderabad product pipeline at an estimated cost of Rs 2789 crore. The board also approved construction of 0.6 MMTPA LPG Import Facility at Paradip and augmentation of Paradip-Haldia-Durgapur LPG pipeline. The Board of Directors of IOCL at its meeting held on 13 February 2015 approved the setting up of Ethylene Glycol Project alongwith associated facilities at Paradip at an estimated project cost of Rs 3752 crore. The project would help in consolidating the Glycol business of the company by producing low cost Mono Ethylene Glycol based on FCC off gas. The board also approved construction of dedicated Naphtha pipeline from Jaipur to Panipat alongwith augmentation of Koyali-Sanganer product pipeline at an estimated cost of Rs 890 crore. The pipeline would help in meeting the Naphtha requirement of IOCL's Naphtha Cracker Complex at Panipat.The board also approved implementation of project for 100% BS-IV compliant MS and HSD production facilities at Gujarat refinery at an estimated cost of Rs 1843 crore. The board also approved implementation of project for 100% BS-IV compliant MS and HSD production facilities at Barauni refinery at an estimated cost of Rs 1327 crore. On 27 April 2015, IOCL announced that it has started the process of commissioning its 15 MMTPA state-of-the-art Paradip refinery. On 24 November 2015, IOCL announced that the first consignment of products from its Paradip refinery comprising of High Speed Diesel, Superior Kerosene and Liquefied Petroleum Gas was dispatched on 22 November 2015. The Board of Directors of IOCL at its meeting held on 13 August 2015 approved investment of Rs 1000 crore in Non-convertible Cumulative Redeemable Preference Shares to be issued by Chennai Petroleum Corporation Limited (subsidiary of IOCL) on private placement preferential allotment basis. On 21 August 2015, Government of India announced notice of Offer for Sale (OFS) of 24.27 crore equity shares of IOCL aggregating to 10% of the total paid up equity share capital of the company through the separate window provided by the stock exchanges for this purpose. The floor price for the OFS was set at Rs 387. On 31 December 2015, Indian Oil Corporation announced that it has entered into a binding Gas Sale and Purchase Agreement (GSPA) with Petronet LNG Limited (PLL) for procurement of an additional quantity of 0.3 MMTPA of RLNG with effect from January 2016. This is in addition to the existing long term GSPA of 2.25 MMTPA, which was executed in September 2003. The Board of Directors of IOCL at its meeting held on 29 August 2016 recommended issue of bonus shares in the ratio of 1:1. The Board of Directors of IOCL at its meeting held on 29 September 2016 accorded in-principle approval for expansion of the refining capacity of Barauni, Bihar refinery from 6 MMTPA to 9 MMTPA alongwith downstream Polypropylene unit at an estimated cost of Rs 8287 crore. The board also gave in-principle approval for implementation of Olefin Recovery Project alongwith expansion of existing Naphtha Cracker Unit, MEG revamp and Benzene Expansion Unit modifications at Panipat at an estimated cost of Rs 1527 crore. Indian Oil Corporation Limited (IOCL), Oil India Limited (OIL) and Bharat PetroResources Limited (BPRL), through a joint venture company formed by their wholly-owned subsidiaries in Singapore, completed two transactions on 5 October 2016 viz., acquisition of 23.9% shares of the charter capital of JSC Vankorneft, a company organised under the laws of the Russian Federation, which is the owner of Vankor and North Vankor Field licenses, from Rosneft Oil Company (Rosneft), a National Oil Company of Russia, and acquisition of 29.9% of the participatory share in the charter capital of LLC Taas Yuryakh Neftegazodobycha (TYNGD), from LLC RN Razvedka I Dobychya, a wholly-owned subsidiary of Rosneft. The definitive agreements for the Vankor transaction were signed in June 2016 and for the Taas transaction in March 2016. In JSC Vankorneft, post-closing of transactions, Rosneft will hold about 61.1% shares and ONGC Videsh Ltd (through its subsidiary) will hold the remaining 15%. In TYNGD, post-closing of the transaction, Rosneft (through subsidiary) will hold about 50.1% share and BP (through subsidiary) will hold the remaining 20% share. Vankor field, located in East Siberia is Russia's second largest field by production and accounts for around 4% of Russian production. In 2015, the Vankor field produced 22 million tonnes of oil and 8.71 BCM of gas. TYNGD is expected to ramp up the production of crude oil to 5 million tonnes by 2021. Indian Oil Corporation Ltd. (IOCL), NTPC Ltd., Coal India Ltd. (CIL), Fertilizer Corporation of India Ltd. (FCIL) and Hindustan Fertilizer Corp. Ltd. (HFCL) signed a Supplemental Joint Venture Agreement on 31 October 2016 for IOCL, FCIL and HFCL joining the Joint Venture Company Hindustan Urvarak and Rasayan Ltd. (HURL), which had been formed by NTPC and CIL for revival of the fertiliser plants at Gorakhpur, Sindri and Barauni. Each of these plants will have 1.27 million tons per year Urea production capacity. With the execution of the Supplemental JVA, the equity participation of IOCL, NTPC and CIL in HURL will be 29.67% each (total 89.01%) and the balance 10.99% will be by FCIL (7.33%) and HFCL (3.66%). Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd. and Hindustan Petroleum Corporation Ltd. signed a Consortium Agreement on 7 December 2016 to carry out pre-project activities for setting up of West Coast Refinery and a Petrochemical Project of approximately 60 Million Metric Tonnes Per Annum (MMTPA) capacity in Maharashtra through a Joint Venture Company. On 17 March 2016, IOCL announced that it has signed an agreement with 3M India Ltd. for setting up 3M auto care centres at IOCL's retail fuel outlets. The auto care centres will be operated by the franchisees appointed by 3M India Ltd. On 25 May 2017, IOCL announced that the company registered record annual net profit of Rs 19106 crore for the financial year 2016-17 as compared to a profit of Rs 11242 crore for the financial year 2015-16. On 16 June 2017, IOCL announced that it has successfully rolled out daily price revision of petrol and diesel across the country through its network of 26,000-plus petrol pumps. On 10 July 2017, IOCL and carbon recycling company LanzaTech signed a Statement of Intent to construct the world's first refinery off gas-to-bioethanol production facility in India. On 24 July 2017, IOCL announced that it was ranked 168th in the Fortune 'Global 500' listing for 2017. IOCL was the only Indian company in top 200 in the prestigious list. The Board of Directors of IOCL at its meeting held on 3 August 2017 accorded first stage approval for the expansion of Gujarat refinery capacity by 4.3 Million Metric Tonnes Per Annum (MMTPA) to 18 MMTPA at an estimated cost of Rs 15034 crore. The board also gave first stage approval for installation of 2nd Catalytic De-waxing unit at Haldia refinery at an estimated cost of Rs 1126 crore. The unit would produce Grade-II & III Lube Oil base stock. The board also gave first stage approval for installation of Ethanol Plant using Gas Fermentation Technology of M/s. LanzaTech USA at Panipat refinery at an estimated cost of Rs 441 crore. The board also approved acquisition of up to 50% equity stake in GSPL LNG Ltd., which is setting up a 5-MMTPA LNG Terminal at Mundra Port in Gujarat. On 19 August 2017, IOCL announced that the contentious issue of VAT deferment on products produced by the company's Paradip refinery in Odisha and sold in the state has been resolved. IOCL commenced production of gas and condensate from Dirok field in Assam on 26 August 2017, marking advent of its first domestic exploration asset maturing from exploration stage to a producing asset. IOCL holds 29.03% participating interest in the block, located near Digboi in Assam, along with Hindustan Oil Exploration Company (HOEC 26.88%, Operator) and Oil India Limited (OIL 44.08%, Licensee). On 19 November 2017, IOCL in collaboration with Ola launched the country's first electric charging station at its fuel station at RBI Square, Nagpur.

Indian Oil Corporation Ltd Chairman Speech

The last financial year has been a perfect guide in demonstrating the importance of team-resolve in tiding over challenges... ...Your Company not only surmounted the pandemic crisis, but it also rose to the occasion to thwart major threats and chart new paths of excellence.

Dear Shareholders,

I hope you are keeping well and safe.

It's my privilege to present the Integrated Annual Report 2020-21 which provides an insight into IndianOil's performance during the last financial year and its ever-expanding horizon of aspirations. Your Company was one of the early adopters of the Integrated Reporting Format in India, and we continue to refine it to create and communicate better value for the stakeholders through multi-capital reporting.

This report chronicles IndianOil's journey during a turbulent year marked by the raging Covid-19 pandemic and elaborates on how your Company navigated through uncharted waters, overcoming all odds and turning challenges into robust growth opportunities. This report also underscores the indomitable spirit of IOCians who, with their commitment, resilience, and a strong sense of purpose, kept the Company going as the ‘Energy of India'.

Tiding over challenges, Always

The last year has been an unprecedented and extraordinary year that has altered the course of our lives and livelihoods. Our plans, objectives and even perceptions have undergone a paradigm shift, while the long-term impact of this disruption on various sectors still remains uncertain. However, the course of human evolution teaches us that challenges open up new horizons of growth besides underlining the primacy of specific skill sets and traits for surviving in a post-pandemic world. IndianOil teams leveraged opportunities amidst these difficult times to catalyse future growth. Putting the country before business remains an intrinsic part of IndianOil's DNA. So, when the pandemic struck, IndianOil teams rose to the occasion swiftly and selflessly, serving the customers and stakeholders, despite disruptions in the demand and supply dynamics. Displaying extraordinary zeal, Team IndianOil kept the fuel supply lines going and delivered a record 33.11 Lakhs Indane LPG cylinders on a single day, on 30th April 2020, braving the pandemic and a stringent lockdown.

Our energy warriors - the customer attendants, LPG delivery personnel, truck crew, contract workers, field force, and employees at supply locations, refineries, pipelines and petrochemical plants kept the nation on the go. Moreover, not losing sight of the future, your Company continued to steer the growth agenda with new customer offerings, innovative digital solutions, infrastructure expansion and low carbon, sustainable energy options for a greener planet.

Your unwavering faith in your Company, coupled with the stupendous efforts of all IOCians, has helped us scale a historic peak with the highest ever profits during 2020-21

The last financial year has been a perfect guide in demonstrating the importance of team-resolve in tiding over challenges. Your Company not only surmounted the pandemic crisis, but it also rose to the occasion to thwart major threats and chart new paths of excellence.

On 3rd September 2020, the engine room of the Panama-flagged Very Large Crude Carrier (VLCC), MT New Diamond, carrying nearly two million barrels of Kuwait Export Crude Oil for Paradip Refinery, caught fire. The accident happened when the oil tanker was sailing east of the Sri Lankan seas. Our teams immediately swung into action and set up a 24-hour disaster control room, monitored by senior IndianOil officials. This control room facilitated communication among various stakeholders and coordinated firefighting efforts with the concerned authorities in India, Sri Lanka and other geographies. A rescue operation was swiftly launched on international waters by the Indian Coast Guard,

Navy and their Sri Lankan counterparts, supported by the salvagers and other maritime agencies. It took nearly a week of remarkable efforts to douse the blaze and avert a major environmental disaster. This incident displays the power of focused and collaborative actions to overcome a crisis and emerge stronger as a Company driven by values.

Record profit, driven by ‘People'

Taking the multiple challenges in its stride, your Company cruised ahead, riding on the strength of dedicated teams, a broad customer base, channel partners and frontline associates, working cohesively. I am happy to share with you that our strong focus on consolidating the core business while exploring new and sustainable energy frontiers has yielded positive outcomes. This success has taken us closer to our goal of being an integrated, future-attuned energy major that continues to catalyse the nation's growth story.

Your unwavering faith in your Company, coupled with the stupendous efforts of all IOCians, has helped us scale a historic peak with the highest ever profits during 2020-21.

People First, Always

As Team IndianOil battled the invisible enemy at the frontlines, the brutality of the ongoing Covid-19 pandemic amplified the fragility of human life. IndianOil stands firmly with the families of IOCians and our large stakeholder fraternity, who suffered losses in the wake of the pandemic.

IndianOilPeople are central to our existence, and we remain committed to ensuring their well-being and prosperity. Your Company has extended the IndianOil Karma Yogi Swasthya Bima Yojana for the second year running, for the frontline teams. This medical insurance covers over 3 Lakhs customer attendants, LPG delivery personnel, tank truck crew and security guards. An ex-gratia assistance of Rupees Five Lakhs has also been extended for the families of the energy soldiers who succumbed to the Covid-19 virus while serving the nation's energy needs.

With the vaccine emerging as the best bet to counter the coronavirus, your Company has taken the responsibility to facilitate vaccination for this 4.2 Lakhs strong stakeholder family.

Crafting a new energy future

With more than 1.3 billion people, India is home to 18% of the global population but accounts for a mere 7% of the world's energy demand. This vast gap, coupled with the rising aspirations of Indians for improved living standards, will be the key driver of the country's energy demand. As a result, India is set to experience the fastest growth in energy consumption among all large economies. To cater to this exponential demand growth, we need a more comprehensive, diverse energy basket where traditional offerings like coal, oil, and natural gas coexist with bioenergy and renewables. Each energy form has its role cut out in fuelling the emergent nation that is the world's third-largest oil consumer. I want to assure you that IndianOil's growth agenda reflects this diversity and translates into refinery expansions as well as scaling up renewables and alternative fuel options.

Your Company is pacing ahead to energise the nation and strengthen the four pillars of India's energy future as envisioned by the Hon'ble Prime Minister - Energy access, Energy efficiency, Energy sustainability, and Energy security; at the same time ensuring Energy justice with the objective of access to safe, affordable and sustainable energy for all citizens. In addition, the post-Covid world will witness a renewed consensus on urgent climate action with a more significant push for sustainable solutions. So, while the aspirations of our nation are unique, the commitment towards a low carbon economy remains steadfast.

A new era of customer service excellence

For a Company with one of the most extensive customer interfaces, we constantly endeavour to make today's customer experience better than yesterday's. Each of our offerings reflects this resolve.

With the launch of XP100, India's only 100 octane petrol, the country zipped into an elite league of nations that offer such high-tech fuel for their customers. We also rolled out the differentiated, fuel-efficient cooking gas offering, Indane XtraTej. The convenient, 5 Kg Free Trade LPG cylinder relaunched as ‘Chhotu' has been a game-changer in the segment, marking an almost 50% increase in sales over the corresponding period last year. We have recently launched two premier customer-centric o_erings, Combo Cylinder (offers 14.2 Kg LPG cylinder with Chhotu as Double Bottle Cylinder) and the Composite Cylinder, an aesthetic, light-weight, value offering for a modern kitchen.

Leveraging digital innovation, your Company has introduced a host of user-friendly options to make LPG more accessible and easier to avail. From ‘asking Alexa' to book your next refill to registering for a new connection through a missed call, we are offering an array of digital delights for our customers. Further, we are now in the process of launching the ‘Tatkal' delivery of LPG refill at the customers' doorsteps within two hours of booking in select cities. For enhancing supply logistics, bottling plants at Goindwal Sahib, Tirunelveli, and Gorakhpur were commissioned, and three bottling plants at Nagpur, Korba and Jabalpur have also been completed during the year. I am sure that these customer convenience initiatives, shored up by a robust supply chain, will play a crucial role in retaining the leadership of Indane as the most preferred kitchen fuel in the country.

Retail remains the focus for your Company, and all-out efforts are being made to strengthen its market leadership. The commissioning of 3000 fuel stations during the last fiscal year has been the highest yearly number ever achieved in the history of IndianOil, taking our total tally to 32,062 fuel stations.

I'm happy to share that our strategy of unlocking the value and optimum potential of each product offering has yielded fruitful outcomes. The lube oil segment has come out with brilliant results during the fiscal year, registering growth in sales by around 25% and a spectacular 100% rise in the bottom line. Recent endeavours like the state-of-the-art Lube Blending Plant at Kolkata and Trombay, a CIDW (Catalytic Iso-Dewaxing) unit at Haldia Refinery, LuPech (Lube-Petrochemical) project at Gujarat and the recently approved Panipat expansion project, are in sync with the Company's focus on unlocking the potential of the high-margin lubes segment.

Underground energy highways

The Pipelines Division of your Company has achieved the milestone of 15,000 km pipeline network length, with the commissioning of the 144 km Ramanathapuram - Tuticorin section of the 1,444 km long Ennore – Thiruvallur – Bengaluru – Puducherry – Nagapattinam

– Madurai - Tuticorin (ETBPNMT) Natural Gas pipeline. This section was dedicated to the nation by the Hon'ble Prime Minister Shri Narendra Modi in February 2021. Earlier, Shri Modi had also inaugurated the Durgapur - Banka LPG Pipeline in September 2020. In addition, our Pipelines Division is also providing EPMC (Engineering, Procurement, Construction Management) service in laying the world's longest 2809 km Kandla - Gorakhpur LPG pipeline (KGPL).

New horizons of refining excellence

IndianOil refineries during the financial year have achieved total crude throughput of 62.4 MMT against a target of 72.4 MMT, the shortfall being mainly due to Covid related disruptions.

Speaking of another positive, the Petrochemicals vertical is continuously scaling new heights and has emerged as a silver lining to cushion our business against the risks of oil price volatility. Besides achieving a record annual Petrochemical sale of 2.68 MMT, we also expanded the basket of offerings, adding an array of niche grades. Currently, the Petrochemical spreads are high and your Company is focused on maximising production at Panipat and Paradip to reap maximum benefit.

As part of the larger vision, refinery expansion, coupled with value-added products and petrochemical integration, are the cornerstones of your Company's growth strategy. This year we have taken crucial mega-investment decisions

- 9 MMTPA greenfield refinery at Nagapattinam in Tamil Nadu through a Joint Venture with CPCL, Panipat Refinery expansion from 15 to 25 MMTPA and Gujarat Refinery expansion from 13.7 to 18 MMTPA. All refinery expansion and petrochemical integration projects viz. PX-PTA at Paradip and Ethylene Glycol at Paradip (Odisha) and Oxo Alcohol project at Dumad (Gujarat) are on track. The newly approved projects translate into an investment commitment of close to Rupees One Lakhs Crore over the next 4 to 5 years. This concerted drive will surely catapult your Company into a higher growth trajectory.

The past few months have witnessed several projects getting commissioned. Commissioning of INDMAX and PrimeG units at Bongaigaon unit contribute to increasing refinery capacity from 2.35 to 2.7 MMTPA. Infrastructure development to facilitate grid power import at Gujarat Refinery, three additional crude oil tanks at Paradip Refinery etc., have also been completed. Besides these, Gas integration in IndianOil's Refineries is also being pursued.

Capex achieved against all odds

Ramping up project work amidst the raging pandemic while ensuring 100% compliance of all health advisories was a significant challenge. But I am happy to share that building upon the vision of an ‘Aatmanirbhar Bharat', IndianOil has successfully surpassed the Capex target for the year.

Cutting edge R&D: Towards a Sustainable Tomorrow

IndianOil's R&D Center has been undertaking pioneering research, and our IP (Intellectual Property) wealth creation has resulted in 1,165 effective patents, which is the highest amongst PSU Oil and Gas companies in India. This year we are celebrating the Golden Jubilee year of R&D Centre. To coincide with this important milestone, we are in the process of expanding R&D set-up at Faridabad by constructing a second campus with an investment of Rs 3,200 Crore. This new campus will support cutting-edge research in futuristic alternative energy domains and fast-track our journey towards a net-zero goal. It shall be built over an area of about 59 acres and would focus on demonstration and deployment of various futuristic technologies developed by IndianOil R&D.

As the ‘Energy of India', your Company shall leverage its R&D prowess to play a pivotal role in India's journey towards a greener tomorrow. Today, I can confidently say that our R&D Centre has evolved into a world-class technology solution provider. With the successful deployment of various indigenous technologies, Team R&D has also contributed to the vision of an ‘Aatmanirbhar Bharat'.

I firmly believe that Hydrogen will be the ultimate sustainable fuel of the future. To realise this vision, IndianOil R&D has played a pioneering role in supporting the exciting journey of Hydrogen and Fuel Cell research. In October 2020, IndianOil carried out a trial in Delhi, where 50 CNG BS-IV buses were run on Hydrogen spiked CNG (HCNG) fuel. The results have been quite promising. The use of HCNG fuel has shown a drop in emissions & improvement in Fuel Efficiency. Taking the juggernaut forward, your Company is setting up pilot plants using four innovative hydrogen pathways.

Moreover, your Company will be doing trial run with 15 fuel cell buses in the Delhi NCR region. We also intend to seed Hydrogen fuel cell mobility by utilising the surplus Hydrogen from Gujarat Refinery. The first set of buses will soon ply from Gujarat Refinery to the Statue of Unity and Sabarmati Ashram.

I would also like to elaborate on how IndianOil has been reconciling its business objectives with national priorities through a sharpened focus on bioenergy and renewables. Under the ambitious SATAT (Sustainable Alternative Towards Affordable Transportation) scheme on CBG (Compressed Biogas), IndianOil has taken significant strides and awarded 1,456 Letters of Intent (LOI) till June 30 2021. We have also initiated marketing of CBG from 12 Plants through 23 retail outlets spread over eight states, with a total sale of 1907 MT of CBG till June 30, 2021. For the record, we are the only Oil Marketing Company offering CBG under the brand name ‘IndiGreen' since the launch of the SATAT programme.

Producing biodiesel from Used Cooking Oil (UCO) is yet another potential route that's also being explored by your

Company, with 22 LOIs being issued for an annual cumulative capacity of 22 Crore litres. Presently, your Company has a portfolio of 232.95 MW of renewable energy, including close to 170 MW of wind capacity. The total generation from the above renewable energy projects during 2020-21 is 329.45 GWh, which resulted in emission mitigation of 260

TMT of CO2e equivalent.

In yet another futuristic initiative, a Joint Venture, IOC Phinergy Private Limited has been forged between IndianOil and the Israeli Company, Phinergy, to commercialise the Aluminium-Air Battery Technology in India. We have also set up 257 EV Charging Stations and 29 battery swapping stations at our energy pumps across the country.

Embracing the power of digitalisation

During the India Energy Forum CERAWEEK held in October 2020, Hon'ble Prime Minister had underlined seven critical pillars of India's energy strategy. One of the key drivers among these seven pillars is "Digital Innovation across all the energy systems". Aligning with the Prime Minister's vision, your Company has been implementing various digital initiatives to enhance energy efficiency, reliability, and performance while contributing to environmental sustainability. At IndianOil, we declared the year 2020 as the ‘Year of Digitalisation', and I firmly believe that our digital initiatives will ensure business continuity in a manner that is compatible with the ecological and economic needs of the communities in which we operate.

Last year, we heralded in a slew of digital initiatives at IndianOil. I have already touched upon few pioneering offerings to enhance the experience of our customers. Let me now elaborate on a few other path-breaking efforts. In a novel reliability improvement initiative, IndianOil and BHEL GE Gas Turbine Services Private Limited have implemented the first of its kind Remote Monitoring of Gas Turbines across all IndianOil refineries to enhance refinery reliability. We have also initiated the digital transformation of the turnaround processes in all nine IndianOil refineries. This is aimed at optimising productivity, quality and safety metrics by integrating the field workforce with technology.

Digitalisation has been an effective tool for enhancing employee engagement through learning, which has become a buzzword in the Company today. The digital learning platform of Swadhyaya designed for IndianOil employees has kept our workforce gainfully engaged during the lockdown period, and with the growing popularity of Swadhyaya, today, your Company has indeed become a learning organisation. We recently reached the milestone of a million courses completed by employees on the digital platform, reflecting the readiness of IOCians to embrace digital transformation.

Caring for the society and women empowerment

A strong social conscience has always driven your Company, which is reflected in our social stewardship initiatives. Women welfare and empowerment has been a focus area for our recent CSR endeavours. We have introduced a one-time educational scholarship of Rs 10,000/- each for 75 girl students

across 33 Education Boards from the economically backward and socially marginalised sections excelling in the Board examinations. Also, the Skill Development Institute's (SDI) pilot Campus in Bhubaneswar has benefited about 2,300 students since its inauguration in 2016. This institute, driven by IndianOil, aims to skill over 50,000 students in the next ten years. You will be happy to know that the new 46-acre main campus of SDI has been completed and will soon be commencing regular academic sessions.

Let me also share that your Company acknowledges the need for a gender-diverse work environment in today's world. The Covid-19 crisis has highlighted the centrality of women's contributions and the added responsibilities women continue to carry on the professional and domestic fronts. Women in IndianOil have been shining examples of corporate excellence, and their contributions have strengthened the cause of gender-neutral work culture in the Indian corporate ecosystem. Your Company has continuously supported its women professionals' career progress by building a conducive environment through various efforts and initiatives related to their health, safety, gender sensitisation, and empowerment. This International Women's Day, several facilities were rolled-out to empower women employees, like providing travel fare for infants of up to two years of age and an attendant when the working mother is touring any location within India.

Serving the nation, beyond business

When the second wave of Covid-19 started sweeping across the nation, your Company went beyond business priorities to leverage its expertise to help the country in the hour of need. When faced with a massive surge in demand for medical oxygen across the nation, IndianOil diverted the high-purity oxygen used in its Mono Ethylene Glycol (MEG) Unit at its Panipat Refinery and Petrochemical Complex to produce medical-grade liquid oxygen. The throughput of the MEG unit was scaled down to divert much-needed oxygen to serve this more critical cause.

Moreover, inspired by the zeal to serve the nation, your Company supported the Government in creating a robust infrastructure for Liquid Medical Oxygen (LMO) transportation in the country. IndianOil deployed over 100 ISO containers and tankers and transported around 5000 MT of LMO from various sources. Further, your Company is rapidly expanding this fleet to enhance the carrying capacity. IndianOil also imported 500 MT of LMO during in Kerala

this period and coordinated with the Indian Missions in West Asia for the procurement. In addition, IndianOil is manufacturing 20 cryogenic road tankers at its cryogenic plant in Nasik.

To further streamline the medical oxygen supply scenario, IndianOil has launched a single-window application

– Sanjeevani Express portal. This application is equipped to enable real-time monitoring of liquid oxygen supply logistics across the country. The single window platform has been created to help all stakeholders, including the Ministry of Road Transport and Highways (MoRTH), Oil companies and other Central and State Government agencies. In May 2021, Union Minister of Petroleum & Natural Gas and Steel inaugurated the 100-Bed ICU Ventilator facility at Vikash Multi-Specialty Hospital (VMSH) in Bargarh, Odisha, augmented under IndianOil's CSR initiative. In yet another initiative, IndianOil's Panipat Refinery began supplying 15 MT gaseous Oxygen per day to the Guru Teg Bahadur Sanjeevani Hospital for Covid care through a pipeline directly from our Panipat complex.

A future-ready IndianOil

Worldwide, the most significant overall long-term challenge is to supply clean and affordable energy while addressing the concerns related to climate change. Therefore, the next few years will be crucial for the energy sector and let me affirm that IndianOil is geared up to cater to the new energy order of the future.

India, like several other countries, is in the midst of an energy transition. There will be a continuity of energy consumption patterns, but a profound change in the energy mix is inevitable as we integrate renewables more intensely. For a country like India with high energy appetite, the path towards energy transition will involve balancing our enthusiasm for the future with the reliability of the old order. Given the magnitude of incremental energy required in addition to meeting existing needs, the dovetailing of new greener energy options in a requisite scale and scope is needed to offer sustainable choices for a smooth changeover.

IndianOil has been working in mission mode to meet the rapid growth of the nation's energy needs while pursuing the aspiration for a greener tomorrow. We have been investing assiduously across various facets of the energy spectrum. Be it Natural Gas, Renewables or Biofuels, our teams have been working on cutting edge fields of Hydrogen, CCUS (Carbon Capture, Utilisation & Storage), advanced biofuels and battery technology. The recent paradigm-shifting experience with the Covid-19 pandemic has strengthened our resolve to go quicker and bigger on new energy bets. This Integrated Annual Report enumerates your Company's concerted drives to diversify into cleaner energy forms with high growth opportunities while pursuing downward integration into petrochemicals.

To sum up, IndianOil continues to fuel the aspirations of a billion Indians and remains steadfast to the national mandate for a greener India and a safer planet. I solicit your support as we chart our path towards a brighter energy future!

Stay healthy, stay safe!
Sd/-
Shrikant Madhav Vaidya
Chairman, IndianOil

   

Indian Oil Corporation Ltd Company History

Indian Oil Corporation Ltd (IOCL) is India's flagship national oil company with business interests straddling the entire hydrocarbon value chain - from refining, pipeline transportation and marketing of petroleum products to exploration & production of crude oil & gas, marketing of natural gas and petrochemicals. The company is the leading Indian corporate in the Fortune 'Global 500' listing, ranked at the 168th position for the year 2017. IOCL is a public sector undertaking. Government of India held 56.98% stake in IOCL as on 31 December 2017. The company's operations include refineries, pipelines and marketing. Their portfolio of brands includes Indane LPGas, SERVO lubricants, XTRAPREMIUM petrol and XTRAMILE diesel and Propel Petrochemicals. In exploration and production, Indian Oil's domestic portfolio includes 11 oil and gas blocks and two coal bed methane blocks while the overseas portfolio consists of 10 blocks spread across Libya, Iran, Gabon, Nigeria, Timor-Leste, Yemen and Venezuela. Indian Oil Corporation Ltd was established in the year 1959 as Indian Oil Company Ltd. In the year 1964, Indian Refineries Ltd merged with Indian Oil Corporation Ltd. Indian Oil Blending Ltd a wholly owned subsidiary was merged with Indian Oil on May 2006. The company transferred their entire equity holding in Indian Strategic Petroleum Reserves Ltd (ISPRL) to the Oil Industry Development Board, a government body functioning under the Ministry of Petroleum & Natural Gas. Consequently, ISPRL ceased to be a wholly owned subsidiary in May 2006. The company formed one subsidiary company, namely IOC Middle East FZE, in Jebel Ali Free Trade Zone Dubai, with the objective of marketing lubricants and other petroleum products in Middle East, Africa and CIS regions. In June 2006, they incorporated a joint venture company namely, Indo-Cat Pvt Ltd with Intercat.Inc of USA for manufacture and marketing of FCC catalysts and additives. In the year 2007, the company received plenty of awards, Oil Industry Safety Directorate Awards, 'Most Admired Retailer of the Year' award, 'CIO 100 Award 2007', SAP ACE - Awards for Customer Excellence and the only petroleum company as 'The Most Trusted Brand' in ET's Brand Equity's annual survey. The SERVO acquires prestigious MAN Global approvals, Indian Oil's R&D Centre gets special recognition for Bioremediation and also SERVO secures entry into NSF White Book - H1 Category during the period. The company won Retailer of the Year - Rural Impact Award and their XtraPower won Loyalty Summit Award during the year 2008. In January 2008, the company and Hindustan Unilever Ltd (HUL) signed an MoU for setting up Kwality Walls Kiosks at select Indian Oil petrol stations across the country. Also, the company entered into an MoU with Transparency International India (TII) for implementing an Integrity Pact Programme focused on enhancing transparency in their business transactions, contracts and procurement processes. In April 2008, the company launched 'LNG at Doorstep' facility at the Pen unit of H&R Johnson, the facility, first of their kind in the country, which are primarily aimed at catering to the needs of Liquefied Natural Gas (LNG) customers who are not located on the main natural gas pipelines. The company was conferred with the 'Maharatna' status by the Government of India which provides enhanced autonomy and larger flexibility for its operation. During the year 2009-10, the company commissioned 238 new retail outlets and 414 Kisan Seva Kendra (KSK) outlets taking their total tally to 18,643. The company's Indane LPG brand earned the coveted status of 'Superbrand'. On the lines of KSK, the Rajiv Gandhi Grameen LPG Vitarak Yojana was launched to penetrate rural markets. During the year, the company was granted the Petroleum Exploration License for one of the two Type-S blocks in Cambay basin for which it is the operator. Upon getting the license, exploration activities were initiated in the block. The company was awarded a project for the development, extraction, upgradation and marketing of heavy oil in Carabobo heavy oil region of Venezuela in consortium with Repsol, Petronas, ONGC Videsh Ltd. and Oil India Ltd. During the year 2010-11, the company enrolled about 46.8 lakh new Indane LPG customers and commissioned 245 new Indane distributors taking their total to 618.3 lakh and 5,311 respectively. The LPG Bottling capacity was enhanced to 5,518 TMTPA with capacity addition of 326 TMT. In order to provide LPG to rural India, the company commissioned 145 distributors under the Rajiv Gandhi Gramin LPG Vitaran Yojana under the auspices of Ministry of Petroleum & Natural Gas. As a part of their CSR activity, 10,052 new connections were released to BPL families. During the year, the company formed a joint venture company was formed with Nuclear Power Corporation of India Ltd (NPCIL) for setting up Nuclear power plants. In July 2010, the company commissioned their first gas pipeline between Dadri and Panipat and thus they commenced gas supplies to Panipat Refinery. The company in consortium with GSPC, HPCL and BPCL won gas pipeline bids for Mallavaram to Bhilwara and Vijaypur via Bhopal, Mehsana to Bhatinda and Bhatinda to Jammu and Srinagar. In 2012 Oil India Limited (OIL) and Indian Oil Corporation (IOCL) jointly acquired a stake in Carrizo's liquid rich shale assets in the Niobrara basin in Colorado, USA. Indian Oil (IOC) also launched a new engine oil SERVO 4T SYNTH with advanced synthetic chemistry, for use by two-wheelers. Petroleum & Natural Gas and Corporate Affairs launched IOCL's Mobile Healthcare Scheme, a Corporate Social Responsibility (CSR) initiative of IOCL. Indian Oil Corporation's (IOCL) Rural Mobile Health Scheme (Sachal Swasthya Seva), launched as part of its corporate social responsibility (CSR) agenda, was formally inaugurated on all-India basis. In 2013 IOC planned for capacity expansion at Doimukh depot and also IOCL inked MoU for Rs 5-k cr natural gas terminal in Odisha In 2014 IOCL conferred SCOPE Meritorious Award for CSR and Responsiveness by the Hon'ble President of India. IOCL R&D also wins National Awards for Technology Innovation -IOCL wins BML Munjal Award for Business Excellence In 2015 Indian Oil Corporation commenced construction work on its proposed 4 MW solar power project at Muttam village in the district. IOC also inked MoU with Nepal Oil Corporation. The Board of Directors of IOCL at its meeting held on 29 January 2015 approved the laying of Paradip-Hyderabad product pipeline at an estimated cost of Rs 2789 crore. The board also approved construction of 0.6 MMTPA LPG Import Facility at Paradip and augmentation of Paradip-Haldia-Durgapur LPG pipeline. The Board of Directors of IOCL at its meeting held on 13 February 2015 approved the setting up of Ethylene Glycol Project alongwith associated facilities at Paradip at an estimated project cost of Rs 3752 crore. The project would help in consolidating the Glycol business of the company by producing low cost Mono Ethylene Glycol based on FCC off gas. The board also approved construction of dedicated Naphtha pipeline from Jaipur to Panipat alongwith augmentation of Koyali-Sanganer product pipeline at an estimated cost of Rs 890 crore. The pipeline would help in meeting the Naphtha requirement of IOCL's Naphtha Cracker Complex at Panipat.The board also approved implementation of project for 100% BS-IV compliant MS and HSD production facilities at Gujarat refinery at an estimated cost of Rs 1843 crore. The board also approved implementation of project for 100% BS-IV compliant MS and HSD production facilities at Barauni refinery at an estimated cost of Rs 1327 crore. On 27 April 2015, IOCL announced that it has started the process of commissioning its 15 MMTPA state-of-the-art Paradip refinery. On 24 November 2015, IOCL announced that the first consignment of products from its Paradip refinery comprising of High Speed Diesel, Superior Kerosene and Liquefied Petroleum Gas was dispatched on 22 November 2015. The Board of Directors of IOCL at its meeting held on 13 August 2015 approved investment of Rs 1000 crore in Non-convertible Cumulative Redeemable Preference Shares to be issued by Chennai Petroleum Corporation Limited (subsidiary of IOCL) on private placement preferential allotment basis. On 21 August 2015, Government of India announced notice of Offer for Sale (OFS) of 24.27 crore equity shares of IOCL aggregating to 10% of the total paid up equity share capital of the company through the separate window provided by the stock exchanges for this purpose. The floor price for the OFS was set at Rs 387. On 31 December 2015, Indian Oil Corporation announced that it has entered into a binding Gas Sale and Purchase Agreement (GSPA) with Petronet LNG Limited (PLL) for procurement of an additional quantity of 0.3 MMTPA of RLNG with effect from January 2016. This is in addition to the existing long term GSPA of 2.25 MMTPA, which was executed in September 2003. The Board of Directors of IOCL at its meeting held on 29 August 2016 recommended issue of bonus shares in the ratio of 1:1. The Board of Directors of IOCL at its meeting held on 29 September 2016 accorded in-principle approval for expansion of the refining capacity of Barauni, Bihar refinery from 6 MMTPA to 9 MMTPA alongwith downstream Polypropylene unit at an estimated cost of Rs 8287 crore. The board also gave in-principle approval for implementation of Olefin Recovery Project alongwith expansion of existing Naphtha Cracker Unit, MEG revamp and Benzene Expansion Unit modifications at Panipat at an estimated cost of Rs 1527 crore. Indian Oil Corporation Limited (IOCL), Oil India Limited (OIL) and Bharat PetroResources Limited (BPRL), through a joint venture company formed by their wholly-owned subsidiaries in Singapore, completed two transactions on 5 October 2016 viz., acquisition of 23.9% shares of the charter capital of JSC Vankorneft, a company organised under the laws of the Russian Federation, which is the owner of Vankor and North Vankor Field licenses, from Rosneft Oil Company (Rosneft), a National Oil Company of Russia, and acquisition of 29.9% of the participatory share in the charter capital of LLC Taas Yuryakh Neftegazodobycha (TYNGD), from LLC RN Razvedka I Dobychya, a wholly-owned subsidiary of Rosneft. The definitive agreements for the Vankor transaction were signed in June 2016 and for the Taas transaction in March 2016. In JSC Vankorneft, post-closing of transactions, Rosneft will hold about 61.1% shares and ONGC Videsh Ltd (through its subsidiary) will hold the remaining 15%. In TYNGD, post-closing of the transaction, Rosneft (through subsidiary) will hold about 50.1% share and BP (through subsidiary) will hold the remaining 20% share. Vankor field, located in East Siberia is Russia's second largest field by production and accounts for around 4% of Russian production. In 2015, the Vankor field produced 22 million tonnes of oil and 8.71 BCM of gas. TYNGD is expected to ramp up the production of crude oil to 5 million tonnes by 2021. Indian Oil Corporation Ltd. (IOCL), NTPC Ltd., Coal India Ltd. (CIL), Fertilizer Corporation of India Ltd. (FCIL) and Hindustan Fertilizer Corp. Ltd. (HFCL) signed a Supplemental Joint Venture Agreement on 31 October 2016 for IOCL, FCIL and HFCL joining the Joint Venture Company Hindustan Urvarak and Rasayan Ltd. (HURL), which had been formed by NTPC and CIL for revival of the fertiliser plants at Gorakhpur, Sindri and Barauni. Each of these plants will have 1.27 million tons per year Urea production capacity. With the execution of the Supplemental JVA, the equity participation of IOCL, NTPC and CIL in HURL will be 29.67% each (total 89.01%) and the balance 10.99% will be by FCIL (7.33%) and HFCL (3.66%). Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd. and Hindustan Petroleum Corporation Ltd. signed a Consortium Agreement on 7 December 2016 to carry out pre-project activities for setting up of West Coast Refinery and a Petrochemical Project of approximately 60 Million Metric Tonnes Per Annum (MMTPA) capacity in Maharashtra through a Joint Venture Company. On 17 March 2016, IOCL announced that it has signed an agreement with 3M India Ltd. for setting up 3M auto care centres at IOCL's retail fuel outlets. The auto care centres will be operated by the franchisees appointed by 3M India Ltd. On 25 May 2017, IOCL announced that the company registered record annual net profit of Rs 19106 crore for the financial year 2016-17 as compared to a profit of Rs 11242 crore for the financial year 2015-16. On 16 June 2017, IOCL announced that it has successfully rolled out daily price revision of petrol and diesel across the country through its network of 26,000-plus petrol pumps. On 10 July 2017, IOCL and carbon recycling company LanzaTech signed a Statement of Intent to construct the world's first refinery off gas-to-bioethanol production facility in India. On 24 July 2017, IOCL announced that it was ranked 168th in the Fortune 'Global 500' listing for 2017. IOCL was the only Indian company in top 200 in the prestigious list. The Board of Directors of IOCL at its meeting held on 3 August 2017 accorded first stage approval for the expansion of Gujarat refinery capacity by 4.3 Million Metric Tonnes Per Annum (MMTPA) to 18 MMTPA at an estimated cost of Rs 15034 crore. The board also gave first stage approval for installation of 2nd Catalytic De-waxing unit at Haldia refinery at an estimated cost of Rs 1126 crore. The unit would produce Grade-II & III Lube Oil base stock. The board also gave first stage approval for installation of Ethanol Plant using Gas Fermentation Technology of M/s. LanzaTech USA at Panipat refinery at an estimated cost of Rs 441 crore. The board also approved acquisition of up to 50% equity stake in GSPL LNG Ltd., which is setting up a 5-MMTPA LNG Terminal at Mundra Port in Gujarat. On 19 August 2017, IOCL announced that the contentious issue of VAT deferment on products produced by the company's Paradip refinery in Odisha and sold in the state has been resolved. IOCL commenced production of gas and condensate from Dirok field in Assam on 26 August 2017, marking advent of its first domestic exploration asset maturing from exploration stage to a producing asset. IOCL holds 29.03% participating interest in the block, located near Digboi in Assam, along with Hindustan Oil Exploration Company (HOEC 26.88%, Operator) and Oil India Limited (OIL 44.08%, Licensee). On 19 November 2017, IOCL in collaboration with Ola launched the country's first electric charging station at its fuel station at RBI Square, Nagpur.

Indian Oil Corporation Ltd Directors Reports

Dear Shareholders,

On behalf of the Board of Directors of IndianOil, it is my privilege to present the 62nd Annual Report and the Fourth Integrated Annual Report of the Company for the financial year ended March 31, 2021, along with the Audited Standalone and Consolidated Financial Statements and Auditor's Report thereon.

The year stood testimony to the grit and perseverance of IOCians who scripted success stories despite the challenges unleashed by the Covid-19 pandemic. It was the ‘never-say-die' spirit and the indomitable courage of the Company's frontline warriors across the entire supply chain that kept India as well as IndianOil on the move during this unprecedented crisis in modern human history. The Company not only maintained the supply of petroleum products across the country, but also exceeded the tough capital expenditure target for expanding its infrastructure and strengthening its business goals by launching innovative products and services in the retail space.

As the country faced challenges posed by Covid-19, IndianOil stood firm by its philosophy of ‘Pehle Indian, Phir Oil'. When the world came to a standstill, IndianOil stopped at nothing. In addition to its ‘business as usual' approach, IndianOil stood at the forefront of the pandemic and with a humanitarian approach leveraged it's resources of money, material and workforce. When the entire country was reeling under the second wave of Covid-19 infections, the Company continued to serve silently, taking several initiatives towards Covid-19 management and Liquid Oxygen (LOx) arrangement.

Performance Review

Financial

The Company registered its highest ever net profit on the back of high inventory gains, healthy petrochemicals margin and low finance cost. The summarised standalone performance and appropriations for 2020-21 are given below:

2020-21 2019-20
Particulars US$ Million Rs Crore US$ Million Rs Crore
Revenue from Operations 69,374 5,14,890 79,892 5,66,354
(Inclusive of Excise Duty & Sale of Services)
EBITDA 5,742 42,614 3,154 22,356
(Profit Before Exceptional Items, Finance Cost, Tax, Depreciation
& Amortisation)
Finance Cost 417 3,094 843 5,979
Depreciation 1,321 9,804 1,237 8,766
Profit Before Tax & Exceptional Items 4,004 29,716 1,074 7,611
Exceptional Items - - (1,595) (11,305)
Profit Before Tax 4,004 29,716 (521) (3,694)
Tax Provision 1,062 7,880 (706) (5,007)
Profit After Tax 2,942 21,836 185 1,313
Interim Dividend paid 1,299 9,640 550 3,902
Final Dividend paid - - 130 918
Dividend Distribution Tax - - 139 986
Insurance Reserve (Net) 1 11 3 20
General Reserve 1,642 12,185 (637) (4,513)
Balance Carried to Next Year - - - -

SHARE VALUE

2020-21 2019-20
US$ Rs US$ Rs
Cash Earnings Per Share 0.46 34.46 0.15 10.98
Earnings Per Share 0.32 23.78 0.02 1.43
Book Value Per Share 1.65 120.36 1.35 102.13

Note: Exchange Rate used

For 2020-21: Average Rate 1 US$ = Rs 74.22 and Closing Rate 1 US$ = Rs 73.12 as on March 31, 2021 For 2019-20: Average Rate 1 US$ = Rs 70.89 and Closing Rate 1 US$ = Rs 75.67 as on March 31, 2020

The macro-economic, geo-political, financial, industry-specific information and markets in which the Company operates are provided in the Management Discussion and Analysis section, which forms a part of this Integrated Annual Report.

Issue of Securities / Changes In Share Capital

There was no change in the share capital of the Company during the year. However, the Company issued Unsecured, Rated, Listed, Taxable, Redeemable, Non-Convertible Debentures (NCDs) aggregating to Rs 7,915.20 Crore on private placement basis, which were listed on the Debt Segment of the NSE and BSE. The funds were utilised for the purpose for which they were raised and there were no deviations or variations in their utilisation.

Dividend

The Board of the Company has formulated a Dividend Distribution Policy and the dividends declared / recommended during the year were in accordance with the said policy. The policy is hosted on the website of the Company at: https:// www.iocl.com/download/Policies/Dividend-Distribution-Policy.pdf

During the year, the Company paid a first interim dividend of Rs 7.50 per share and a second interim dividend of Rs 3.00

per share. In addition, the Board of the Company has recommended a final dividend of Rs 1.50 per share for the year, thereby taking the total dividend for the year to Rs 12 per share with a total pay-out of Rs 11,017.25 Crore equivalent to 50.50% of the PAT.

This is the 54th consecutive year of dividend declaration with total payout of Rs 74,937 Crore (including the proposed final dividend for the year 2020-21)

Contribution to Exchequer

Over the years, the Company has been the largest contributor to the Government exchequer in the form of duties, taxes, and dividend. During the year, Rs 2,38,786 Crore was paid to the exchequer as against Rs 1,82,067 Crore paid in the previous year, an increase of 31% over the previous year. An amount of Rs 1,53,827 Crore was paid to the Central Exchequer and Rs 84,959 Crore to the States Exchequer compared to Rs 96,104 Crore and Rs 85,963 Crore paid in the previous year, respectively.

Consolidated Financial Performance

In accordance with the provisions of the Companies Act, 2013, and the Accounting Standards issued by the Institute of Chartered Accountants of India, the Company has prepared the Consolidated Financial Statement for the group, including subsidiaries, joint venture entities and associates. The highlights of the Consolidated Financial Results are shared below:

2020-21 2019-20
Particulars
(US$ Million) (K Crore) (US$ Million) (K Crore)
Revenue from Operations 70094 520237 81251 575990
(Inclusive of Excise Duty & Sale of Services)
Profit Before Tax 4143 30751 (1012) (7177)
Profit After Tax 2932 21762 (265) (1,876)
Less: Share of Minority 17 124 (139) (983)
Profit for the Group 2915 21638 (126) (893)

Note: Exchange Rate used

For 2020-21: Average Rate 1 US$ = Rs 74.22 For 2019-20: Average Rate 1 US$ = Rs 70.89

Operational Performance

The summary of the operational performance of your Company is as under:

(in MMT)
Particulars 2020-21 2019-20
Refineries Throughput 62.35 69.42
Pipelines Throughput 76.02 85.35
Product Sales 81.03 89.70
(inclusive of Gas, Petrochemicals & Exports)

Refineries

The spread of Covid-19 and the resultant lockdown as well as other restrictions, severely impacted the entire value chain of petroleum products and, therefore, refineries had to operate at lower levels compared to the previous years. The refineries showed tremendous resilience and passion to strive during these difficult times by optimising operations to meet skewed product demand. While demand for major petroleum products decreased drastically, demand for cooking gas increased and refinery operations were accordingly tuned for LPG maximisation, despite reduction of crude throughput. Due to grounding of the aviation operations, jet fuel (ATF) production had to be reduced drastically, and the streams were diverted to the diesel pool. Consequently, the performance parameters of capacity utilisation, distillate yield and energy performance were lower than that of 2019-20.

Petrochemicals posted encouraging numbers, with naphtha throughput touching 2.67 MMT, which was 11% higher than the annual target of 2.4 MMT. The overall polymer production (Polyethylene + Polypropylene) clocked 1.5 MMT, while overcoming high stocks (due to low dispatches) and low feed availability from reduced refinery operations. LAB production was aligned to meet the increased demand of sanitation products. 134 TMT of LAB was produced, achieving 100% prime percentage continuously for 16 months.

The Company's Panipat Naptha Cracker (PNC) plant was recognised as one of the ‘Excellent Energy Efficient Units' by the Confederation of Indian Industries (CII). PNC Polypropylene

Units ranked first in internal stream factor globally, out of 54 licensees in the Spheripol Benchmarking Survey 2019 for Polypropylene units undertaken by licensor, M/s Basell. The High Density Poly Ethylene (HDPE) unit ranked second in both prime percentage and specific steam consumption out of 19 licensees in the Global Benchmark Survey 2019 carried out by Licensor M/s Basell.

India's first batch of the premium gasoline XP100 was produced from the Mathura Refinery using high octane streams from in-house researched and developed Octamax technology. Subsequently, other refineries also produced the XP100 gasoline to meet the countrywide demand. With this endeavour, the Company catapulted India globally to a select league of nations with such superior quality fuel.

During the year, 16 new crude oil grades were included in the Company's basket increasing its size to 201 crudes. Over the years, the share of North and South American crude oil grades processed by the Company has increased, standing at 10.1% during 2020-21, thereby improving the flexibility in operations and resilience in crude purchases.

The Company commissioned a new, state-of-the-art INDMAX and Prime-G unit at Bongaigaon (Assam), a new NHT and CCRU unit at Barauni (Bihar), new DHDT units at the Haldia Refinery (West Bengal) and new DHDT and HGU units at its Panipat and Gujarat refineries for improving the bottom line and efficiency of the refineries. The third INDMAX unit at the Bongaigaon Refinery was dedicated to the nation by the Hon'ble Prime Minister on February 22, 2021.

Refinery expansion, coupled with value-added products and petrochemical integration, are the fundamental tenets of the future growth strategy of your Company. Apart from expanding the capacities of its refineries at Panipat (15 to 25 MMTPA), Gujarat (13.7 to 18 MMTPA), Barauni (6.0 to 9.0 MMTPA) and Guwahati (1.0 to 1.2 MMTPA), your Company has decided to establish a

9 MMTPA greenfield Cauvery Basin Refinery in a joint venture with Chennai Petroleum Corporation Limited (a subsidiary) at Nagapattinam in Tamil Nadu. All refinery expansion with petrochemical and lube integration projects along with other approved capital expenditure (capex) plans translate into an investment commitment of close to Rupees One LakRs Crore in the next four to five years, aimed at a high growth trajectory.

In line with the National Vision of Energy Security and the Paris Agreement, your Company has been working on potential opportunities for developing Carbon Capture, Utilisation and Storage (CCUS) projects from its various refineries as an emissions mitigation tool for combating climate change and involving the injection of carbon dioxide into oil reservoirs for enhanced oil recovery (EOR) in India.

Pipelines

The Company continued to expand its pipeline network during the year and crossed yet another milestone of 15,000 Km with a combined throughput capacity of 94.56 Million Tonnes per annum for crude oil / product and 21.69 MMSCMD for gas pipelines. During the year, the crude oil pipelines achieved a throughput of 44.13 MMT and product pipelines achieved a throughput of 31.89 MMT. The lower throughput of product and crude pipelines was mainly due to drop in demand caused by Covid-19. However, gas pipelines achieved the highest ever throughput of 2,691 MMSCM, which is 12% higher than the throughput of 2,400 MMSCM achieved during 2019-20. Your Company continued to demonstrate efficient pipeline operation by achieving a reduction of 13.5% in Specific Energy Consumption (SEC) vis--vis last year.

Your Company commissioned a 337 Km pipeline during the year, which was dedicated to the nation by the Hon'ble Prime Minister of India. Apart from the commissioning of the Durgapur–Banka (193 Km) section of the Paradip–Haldia–Durgapur LPG pipeline project and the Ramanathapuram–Tuticorin section (143.5 Km) of the Ennore–Thiruvallur–Bengaluru–Puducherry–Nagapattinam–Madurai–Tuticorin natural gas pipeline, capacity augmentation of the Panipat–Bhatinda pipeline was also completed during the year.

Your Company is executing pipeline projects worth Rs 25,300 Crore, which are under various stages of implementation. Commissioning of these projects will add around 6,600 Km to the existing pipeline network, leading to a total pipeline network length of 21,000 Km with liquid pipeline capacity of approximately 137 MMTPA and gas pipeline capacity of approximately 51.70 MMSCMD. Your Company also bagged the consultancy work for the 2,805-Km long Kandla–Gorakhpur LPG pipeline, one of the world's longest LPG pipelines.

It is a matter of pride to inform you that the meticulous efforts of your Company in ensuring safe and continuous operations of its vast network of pipelines and vital offshore crude handling systems were recognised and the Pipelines Division was bestowed with the ‘Oil & Gas Transportation Company of the Year – 2020' award by the Federation of Indian Petroleum Industry (FIPI).

Marketing

Amid the lockdown and intermittent travel restrictions during the year, your Company continued to serve the nation by ensuring uninterrupted supply of petroleum products across the country. Domestic sale of 69.35 MMT of petroleum products was registered during the year as against 78.54 MMT registered in the previous year. The Company served around 2.25 Crore customers daily at its retail outlets and delivered around 27 Lakhs LPG cylinders per day to fulfil the energy requirement of India's citizens.

During the year, your Company commissioned 3,000 retail outlets (ROs), which was the highest ever by any Oil Marketing Company. To promote new age fuelling trends, the Company has already commissioned 637 Door-to-door delivery mobile dispensers for diesel.

In a step towards green energy, during the year, 5.95% blending of ethanol with petrol was achieved. Further, your Company is upgrading its supply and retail infrastructure to achieve the Government of India's aggressive target of 20% ethanol blending by 2023. Recently, on the occasion of World Environment Day on June 5, 2021, the Hon'ble Prime Minister launched the ambitious pilot rollout of bio-fuel E100, i.e., 100% ethanol from your Company's retail outlet at Pune.

To promote alternative fuels, your Company added 310 new CNG, 17 Compressed Biogas (CBG), 205 electric vehicle (EV) charging and 27 battery swapping stations during the year. As of the close of the year, the Company was operating 1,059 CNG, 21 CBG, 257 EV charging and 29 battery swapping stations in the country.

India's first super premium petrol, XP100, with an octane value of 100 was launched by the Company during the year. Currently, XP100 is being sold through 87 ROs across 46 cities.

Subsequently, in May 2021, XP95 (95 Octane Premium Petrol) was launched to enable automobile manufacturers accelerate automobile development to meet the Corporate Average Fuel Efficiency (CAFE) and BS-VI Stage 2 norms that will come into effect from 2022.

In an initiative towards promoting women's empowerment in the distribution network, 83 all-women retail outlets were launched across India, during the year. Your Company decided to percolate this culture into every corner of the country by increasing the share of space for women at the Company's forecourts and customer touch points.

To benchmark digital experience at the forecourt, initiatives like the Integrated Transaction Processing System (ITPS) and Secondary Dealer Management System (SDMS) were launched, which will ensure linkage of payment with actual delivery of fuel and loyalty programme through automation with a single PoS terminal for acceptance of CC, DC, UPI, Bharat QR, Wallets, XTRAREWARDS, XTRAPOWER, etc. Currently implemented at over 3,000 ROs, the same will be expanded to over 30,000 ROs by end of this year.

In an endeavour to have a rejuvenated feel of ROs with various value-added services, newly designed Retail Visual Identity (RVI) elements were piloted at four ROs in the National Capital of New Delhi. Scale up has been planned across major cities at identified ROs for wider feedback and pan India rollout soon.

Your Company achieved the highest ever LPG sale of 12.96 MMT during the year and released more than 38 Lakhs new LPG connections. To improve customer reach and customer satisfaction in services, the Company commissioned 293 new LPG distributorships, taking their total number to 12,726.

Among various initiatives for the convenience of LPG customers, a countrywide 24X7 common booking number (7718955555) for LPG refills was introduced with options of vernacular languages. Also, for the first time in the industry, a single number was launched for refill bookings and requests for new connections through missed calls.

During the year, Indane XtraTej, differentiated LPG with nano-additives for enhanced performance, was launched. The 5-kg cylinder, rebranded as Chhotu, was a big fillip to brand Indane. In addition, Indane composite cylinders were launched in 5 kg and 10 kg units to offer a new-age and lightweight LPG cylinder to customers.

SERVO, the lubricant brand of the Company, improved its market share and retained its numero uno position registering a growth of 26% over the previous year with a sale of 561 TMT. SERVO expanded its footprint to Fiji and Turkey, taking the Superbrand's presence to 32 countries. Approvals for

38 SERVO grades were obtained from Original Equipment Manufacturers (OEMs) like Tata Motors, Mahindra & Mahindra, KIA Motors, Nissan, Ashok Leyland, Honda, etc. In view of future demand as well as for manufacturing futuristic lube formulations for enhancing performance, your Company is setting up the world's second largest integrated ultramodern, state-of-the-art lube complex of 450 TMTPA capacity with the largest product portfolio at Chennai, with an investment of about Rs 1,400 Crore.

In the aviation sector too, the Company maintained its leadership position with a market share of 62.9% during the year. Two new Aviation Fuel Stations (AFS) were commissioned at Darbhanga (Bihar) and Bilaspur (Chhattisgarh) during the year, taking the total number of AFS set up in the country by the Company to 121. Standing by the country in testing times, the Company refuelled flights under the Vande Bharat Mission and also refuelled the rescue operations spearheaded by the Defence Forces during the Uttarakhand Glacier Burst.

The cryogenics group of the Company maintained its leadership and sold over 30,000 units of cryo-cans during the year. The cryogenics group also manufactured 19 refuellers, 10 aviation containerised tanks with modules, and two customised heavy duty refuellers. In line with the country's requirement the cryogenics group undertook manufacturing of 20 LOx tankers, to be supplied in the current year. To meet the increasing requirement of cryo products, including LNG and LOx equipment in the country, the Company is planning to expand its manufacturing facilities in and around the existing plant at Nashik.

To improve supply infrastructure for supporting increasing demand, your Company has established a modernised lube blending plant at Trombay, Maharashtra, and new LPG bottling plants at Nagpur (Maharashtra), Jabalpur (Madhya Pradesh) and Korba (Chhattisgarh). Construction of an exclusive jetty at Kamarajar Port near Chennai at a cost of Rs 921 Crore for import and export for LPG and POL products is also underway.

In a first of its kind campaign, Customers Day was celebrated on January 9, 2021, across the network of retail outlets, LPG distributorships, SERVO stockists, AFSs and other supply locations. The widely followed event brought together customers, channel partners and their families, and trended as one of the top grossing events.

Research and Development

IndianOil's Team R&D exhibited exemplary resilience in continuing the pursuit of development and commercialisation of indigenous technologies. The Centre pursued cutting-edge research programmes in core petroleum activities like lubricant, refining, petrochemicals, differentiated fuels, high efficiency lubricants and pipeline transportation technology, among others. In addition, the R&D Centre also focussed on research activities in sunrise areas like alternative energy segments like bio-energy, solar energy, hydrogen economy, energy storage, nanotechnology, carbon capture and utilisation, and battery technologies, etc.

During the year, these R&D pursuits resulted in the filing of 169 patents (69 in India and 100 overseas) taking the total tally of filed patents till March 31, 2021 to 1,294. A hundred and eighty patents were granted, taking the Company's portfolio of effective patents to 1,165 as on March 31, 2021.

The R&D Centre sustained its efforts in the field of lubricants to achieve self-sufficiency with the Government of India's intent of an ‘Aatmanirbhar Bharat' with the issuance of 106 formulations and 47 approvals from Original Equipment Manufacturers (OEM) and customers. The INDMAX technology was selected for a 1.9 MMTPA Petro FCC unit by Numaligarh Refinery Limited, the first success outside the Company's own refineries in the domestic refining sector.

Your Company successfully commissioned the 1.2 MMTPA grassroots IndeDiesel unit at Haldia Refinery producing on-spec BS-VI diesel. Propylene maximisation study was carried out for the RFCCU at Haldia Refinery for improvement of propylene yield with change of catalyst and optimisation of process conditions.

The R&D Centre's indigenous Octamax technology enabled the production and launch of XP100, a niche, high octane petrol. A corrosion inhibitor developed by the Centre was accepted for all product and offshore crude pipelines.

In a boost towards green energy, your Company undertook a successful trial run of 50 buses on HCNG fuel technology. To reduce import dependency, development of a novel 2G Enzyme was undertaken for the production of 2G ethanol from lignocellulosic biomass. A demonstration plant of 10 Tonnes Per Day is under construction at Panipat to showcase this technology. A facility was created at Palwal, Haryana, for developing the off-site pre-treatment technology of paddy straw biomass. To support the Government of India's ‘Waste to Value' initiative, your Company developed and successfully demonstrated the eco-friendly Plastic to Fuel (IndEcoP2F) technology for the conversion of waste plastic at the Digboi Refinery with 95.4 wt% plastic to fuel conversion.

Business Development

Beyond its core business, the Company also integrated and diversified into new business segments through steady and timely investments. Its expanded portfolio of petrochemicals, natural gas, exploration and production, and alternative energy stands out, as its key strength to take on the changes triggered by the ongoing energy transition.

Petrochemicals

The Company is the second largest petrochemicals player in the country offering polymers, Linear Alkyl Benzene (LAB), Purified Terephthalic Acid (PTA), glycols and butadiene. The brand, PROPEL, is a leading brand in the Indian petrochemicals market.

The petrochemicals business of the Company demonstrated exemplary performance in the face of tough times and uncertainties during the year. The conditions were exacting for the domestic as well as global petrochemical industry due to sharp volatility in demand and feedstock prices. Certain unexpected events like hurricanes and polar storm in the US, and worldwide container shortages further impacted the supply chain, which impacted global trade.

Amid this volatile business environment, the petrochemicals business continued to perform exceptionally, delivering a 159% growth in profit vis--vis last year. During the year, sales, including exports, was 2.68 MMT as against 2.22 MMT in the previous year, registering a growth of 20%, which was backed by higher demand mainly from packaging, FMCG, consumer goods, safety equipment, health and sanitation sectors. Within the bouquet of petrochemicals, polymer sales touched a record high of 1.65 MMT, registering a growth of 28% over the previous year.

A new Product Applications and Development Centre (PADC) was set up at Paradip (Odisha) during the year, to cater to the product application and testing needs of the industry as well as to support the entrepreneurial activities in the region. The Company continued to expand its grade basket in polymers and launched four new polymer grades. These developments are in line with the Government of India's ‘Aatmanirbhar Bharat' campaign, along with maintaining the Company's competitive advantage in the petrochemicals business. In addition, 21 OEM approvals were received from major Indian and international brands for different polymer grades.

Medical sector centric efforts were one of the core areas of focus this year. The polymer grade 1200-MC was extensively used in medical devices and disposable syringes, thereby lending support in the fight against the Covid-19 pandemic. A new niche grade 1350YH was also introduced to address the emerging requirement in personal hygiene products, such as face masks, sanitary-pads and diapers.

During the year, a ‘Share Subscription-cum-Shareholders Agreement & Memorandum of Understanding' was signed with the Odisha Industrial Infrastructure Development Corporation, StateGovernmentofOdisha,forthedevelopmentoftheParadip Plastic Park. The plastic park will help in the development of downstream plastic industries, auxiliary industries and MSMEs in Odisha, generating new employment opportunities in the state and region.

The Paradip port continued to gain prominence as an export destination of the country, with regular exports to nearby South and South East Asian countries commencing from the nearby Paradip Polypropylene Plant of the Company.

TheeffortsoftheCompanyweredulyrecognisedbytheindustry and for its exemplary performance in the petrochemicals sector during the year, your Company was awarded the prestigious ‘FICCI Chemicals and Petrochemicals Awards 2021' in two categories—namely the ‘Company of the year in Petrochemicals (Public Sector)' and ‘Best Contribution to Academia'.

Natural Gas

The Company continued to expand its natural gas business during the year and clocked sales (including internal consumption) of 5.38 MMT as against 5.42 MMT in 2019-20. The Company now has a customer base of 70 R-LNG patrons with the addition of nine new customers during the year, besides supplies to its own refineries at Mathura (Uttar Pradesh), Panipat (Haryana) and Koyali (Gujarat). Sale through the Company's ‘LNG at the Doorstep' initiative grew by 25% during the year to reach a level of 104.25 TMT. During the year, 33 LNG cargoes were imported, of which 23 were spot cargoes, while 10 were against long-term contracts.

City Gas Distribution (CGD)

Your Company is swiftly expanding its presence in the CGD business. Along with its two joint venture companies, Green Gas Limited (with GAIL India Limited) and IndianOil Adani Gas Private Limited (with Adani Total Gas Limited), it has authorisation for 40 Geographical Areas (GAs) spread across the length and breadth of the country. During the year, the Company commissioned its first standalone GA in Rewa (Madhya Pradesh), while eight GAs were commissioned by the Company's joint ventures. With this, 22 of the 40 GAs under the Company's fold are now operational. During the year, 0.68 Lakhs PNG connections were released across all GAs, either by the Company directly or through its joint venture companies. On its own, your Company commissioned 12 CNG stations during the year, and commenced registration and on-boarding of domestic PNG customers in various GAs through its in-house portal. In 2021-22, apart from achieving the stipulated Minimum Work Progress (MWP) targets, gas-in is planned for the GAs at Aurangabad (Maharashtra), Bokaro (Jharkhand), Ashoknagar (Madhya Pradesh) and Arwal (Bihar).

Exploration & Production (E&P)

The Company continues to explore opportunities in the E&P sphere through participating interests (PI), joint ventures and wholly-owned subsidiaries. The upstream portfolio consists of nine domestic and 11 overseas assets, which are in various stages, viz. eight producing, four under development, four blocks with discovery, one under appraisal and three under exploration.

During the year, the share of production from the producing assets was 3.86 MMT of oil equivalent (MMtoe). Production from the assets stood lower than 4.26 MMtoe registered in the previous year, as OPEC+ cuts and heavy inventory levels affected production in overseas blocks.

During the year, oil flow was established in the appraisal well drilled in the Company's Onshore Block 1 in Abu Dhabi. The Company has 50% participating interest in the asset, which is also its first overseas block with IndianOil as operator.

The Company's Block AAP-ON-94/1 in Dirok Field in Assam recorded the highest ever daily production of natural gas as on August 5, 2020, which was double the Field Development Plan approved at the production level.

Alternative Energy

Your Company is steadily progressing towards harnessing renewable energy to minimise carbon emissions for a green economy. The Company has an installed capacity of 232.95 MW of renewable energy, comprising 167.6-MW wind power capacity and 65.35-MW solar energy capacity as on March 31, 2021. These projects generated 329.45 GWh during the year, resulting in emission mitigation of 2.6 Lakhs Metric

Tonnes of carbon dioxide equivalent (‘00000 MTCo2-eq).

During the year, the company solarised 1658 retail outlets (ROs). As on 31.03.2021, 18336 of IndianOil's ROs were powered by solar power systems with cumulatative installed capacity of 102.4 MW. Upscaling initiatives are in hand for meeting the increasing grid power demand of refineries due to future expansion plans.

Committed to enhance its green footprint, your Company is taking strides to contributing towards better air quality by reducing crop burning and lowering vehicular emissions by higher ethanol blending rate (a green and clean fuel). In this regard, the Company is putting up a second-generation ethanol plant at Panipat and a biofuel complex, including CBG plant, at Gorakhpur (Uttar Pradesh). The Company also established two ‘cattle dung to biogas' plants in Madhya Pradesh and Uttar Pradesh, while another is being implemented in Rajasthan.

Your Company is the first and only Oil and Gas Company selling CBG through 23 ROs across eight states under the ‘IndiGreen' brand. The Company has issued a Letter of Intent to over 1,500 plants for production and supply of approximately 3.5 MMTPA of CBG under the Sustainable Alternative Towards Affordable Transportation (SATAT) scheme of the Government of India.

Going further on the path towards alternative energy, your Company has tied up with 22 plants through EOIs for supplying biodiesel produced from Used Cooking Oil (UCO) with an annual capacity of 229 TKL. On May 4, 2020, the first truck load of UCO-based biodiesel blended HSD was flagged off by the Hon'ble Minister of PNG and Steel from the Tirkri Kalan Terminal in West Delhi.

The Company is taking initiatives in a variety of ‘waste to energy' options and has signed an MoU with the North Delhi Municipal Corporation on January 19, 2021, in this regard. Recently, your Company has signed an MoU with the NTPC and the South Delhi Municipal Corporation (SDMC) for setting up 50 TPD ‘waste to energy' demo projects at SDMC's Okhla landfill site.

To support the Government of India's e-mobility initiative, your Company acquired equity stake in Phinergy Limited (an Israeli company specialised in Aluminium-Air Battery technology) and formed a joint venture, namely ‘IOC Phinergy Private Limited' (IOP) in February 2021 to commercialise the Aluminium-Air Battery technology in India. Your Company is also exploring the prospects of green hydrogen and is working towards exploring possible collaboration in the area of ‘waste to hydrogen' technology. Discussions are also ongoing with an electrolyser technology company towards utilisation of electricity generated from renewable energy plants to produce green hydrogen.

Sustainable Development

As a responsible entity, your Company has taken a number of sustainability initiatives across its locations related to energy conservation, energy efficiency, renewable energy and carbon sequestration, water management through reducing consumption, recycling and rainwater harvesting, and waste management through reducing, reusing and recycling initiatives.

Across the company,rainwater harvesting systems have been installed with catchment area covering more than 2500 Ha and harvesting more than 8 Billion liters of rain water in 2020-21. The increase in rain water harvested during the year is an account of inclusion of the watershed projects implemented in the refineries. The Company launched a unique initiative, #TreeCheers, in November 2020, under which the Company planted saplings on behalf of patrons, who refuelled their new vehicles at the Company's outlets. A total of 2.26 Lakhs saplings were planted across the country, during the five-day campaign period, making it one of the biggest success stories in recent times.

The Company is replacing all conventional lights with LED, across its installations. During the year, around 1.12 Lakhs LED lights installed with cumulative replacement count of 7.19 Lakhs of LED lights. Paper recycling is another focus area for the company. During the year, 291 Tonnes of waste paper were recycled through designated recyclers. The Company is also developing a supply chain for plastic recycling with a vision towards plastic neutrality. An MoU was signed with a technology provider for exploring various technological options, such as plastic waste recycling and upcycling, waste-to-chemicals production, anaerobic digestion of organic waste, etc.

Overseas Business

Your Company's approach to overseas business is underpinned by a four-pronged strategy, which includes investment in overseas projects and assets, opening of branch/ representative offices, export of products, and export of services. To expand its footprint in neighbouring countries, its subsidiary company, IOC Middle East FZE, formed a new joint venture company in Bangladesh for conducting LPG business and for exploring other business opportunities in the hydrocarbon sector in Bangladesh. Recently, the Company opened new branch/ representative offices in Myanmar, Bangladesh and Nepal to develop businesses in the downstream hydrocarbon sector in these countries.

MoUs were signed during the year with established international players of Bangladesh, Vietnam and Nepal for mutual cooperation across the entire hydrocarbon value chain, including oil and gas E&P, refining, transportation, setting up plants/terminals, supply and retailing, collaboration for R&D activities, providing consultancy, capacity building and secondment services, etc.

During the year, export of finished petroleum products was given a big push, with your Company reaching out for supplying petroleum products to neighbouring countries. Your Company expanded its reach to global markets and exported

5,394 TMT of petroleum products to various countries, viz., Bangladesh, Mauritius, Sri Lanka, etc. In addition, 60 TMT of petrochemical products were exported during the year. In another breakthrough, an export contract was finalised for exporting HSD via land to Myanmar for constructing a two-lane road from Kaletwa to Zorinpui along the India–Myanmar Border in the Chin State of Myanmar under the ‘Kaladan MultiModal Transit Transport' project.

An India Energy Office was set up in Russia by a consortium of five Indian PSUs, including your Company. The office was opened with the objective of promoting the interest of Indian Oil Companies in Russia to support current E&P assets, explore new business opportunities, tie-up for new technologies and the import-export of petroleum products and services.

The Company has been providing consultancy services/ capability building services/ secondment services in the Gulf Cooperation Council (GCC) region, South East Asia and East Africa.

Explosives

The explosives group achieved an all-time high production and sales of 265.5 TMT of bulk explosives during the year, registering a growth of 29% over the previous year's volume of 205 TMT.

Diversification

Your Company has ventured into setting up fertiliser plants at Barauni (Bihar), Gorakhpur (UP) and Sindri (Jharkhand) through a joint venture company, Hindustan Urvarak and Rasayan Limited (HURL), in partnership with National Thermal Power Corporation Limited, Coal India Limited, Fertilizer Corporation of India Limited and Hindustan Fertilizer Corporation Limited. The plants are under advanced stages of construction and slated to be commissioned by the fourth quarter of this fiscal with commercial production expected to start by April 2022.

International Trade

Your Company imported 53.60 MMT of crude oil during the year, as against 59.75 MMT in the previous year to meet the crude oil requirement for processing at its refineries. The import was lower than the previous year due to drop in demand for petroleum products caused by the Covid-19 pandemic. The selection of crude oil is undertaken from a diversified mix of supply sources to optimise the cost as well as to improve flexibility. The import of petroleum products during the year was 8.58 MMT as against 8.57 MMT in the previous year. Various strategies, such as increasing offshore storage of crude and sale to strategic reserves, were deployed during the year to cope with the sudden drop in demand.

Projects

Your Company believes that creation of infrastructure is important to make petroleum products available to customers at the least cost. Therefore, the Company continued to invest in greenfield and brownfield projects. During the year, the total capex spent by the Company was J 28,684 Crore (including Rs 24,051 Crore on its capital projects and the rest towards equity investment in its joint ventures/ subsidiaries). The development of infrastructure was financed through an optimum mix of internal accruals and borrowings from domestic as well as international markets.

Your Company is executing a basket of projects ranging from refinery expansions and augmentation of pipeline network to diversification through joint ventures. The major projects are focussed on expansion of refineries, fuel quality upgradation, revamp and expansion of petrochemical plants, petrochemical and lube integration as well as grassroot projects for strengthening the hydrocarbon value chain.

Your Company is committed towards the expansion of its pipeline network and is executing pipeline projects to take the length to 21,000 Km by the end of this fiscal. Major ongoing pipeline projects include the Haldia–Barauni crude oil pipeline, the Paradip–Hyderabad product pipeline, augmentation of the Paradip–Haldia–Durgapur LPG pipeline and its extension up to Patna and Muzaffarpur, the Koyali–Ahmednagar–Solapur product pipeline, the Paradip–Somnathpur–Haldia product pipeline, augmentation of the Salaya–Mathura crude oil pipeline system and the Ennore–Thiruvallur–Bengaluru–Puducherry–Nagapattinam–Madurai–Tuticorin natural gas pipeline. In addition, your Company is undertaking massive LPG and natural gas pipeline projects through joint ventures, spanning approximately 9,300 Km. These include the Kandla–Gorakhpur LPG pipeline (the longest LPG pipeline in the world) through IHB Limited and the North East Natural Gas Grid through Indradhanush Gas Grid Limited (IGGL).

Your Company is also establishing a new R&D campus at Faridabad, Haryana, with state-of-the-art facilities at a cost of Rs 3,200 Crore to boost the research horizon of the R&D Centre, which has evolved into a world-class technology solutions provider.

Health, Safety & Environment (HS&E)

The Company believes that good HS&E performance is an integral part of efficient and profitable business management and, therefore, is committed to conduct its business with a strong environment conscience, ensuring sustainable development, safe workplaces and enrichment of the quality of life of its employees, customers and community. All refineries of the Company are certified to ISO:14064 standards for sustainable development as well as for the Occupational Health and Safety Management System (OHSAS-18001/ ISO:45001), besides having fully equipped occupational health centres.

Most of the pipeline installations and some of the marketing installations of the Company are also ISO-14001 certified. The API 1173 based Pipeline Safety Management System was introduced across the entire pipeline network. Compliance with safety systems and procedures as well as environmental laws is monitored at the unit, division, and corporate levels.

The HS&E activities of the Company are reviewed periodically in the Board meetings. During the year, various capability building, and training programmes were conducted on safety-related topics covering the entire spectrum of activities of the Company.

Your Company undertook various administrative controls, such as implementation of thermal screening at entry points, practice of proper hygiene/sanitation measures, physical distancing, staggered office timings, allowing work from home for identified employees, etc., to safeguard its workforce from Covid-19 infections. An online dashboard was developed for real-time monitoring of the health status of employees and their families with a telemedicine application for online medical consultation too.

During the year, various capability building and training programmes were conducted on safety-related topics, such as all India campaigns for safe decantation of TT, and safe TT driving campaigns, among others. Awareness among LPG domestic customers on safe use of LPG was also generated through Safety Clinics and LPG Panchayats as well as through social media interactions.

Your Company was bestowed with the National Safety Council Award 2020 with the Guwahati Refinery winning the

Sarvashreshtha Suraksha Puraskar.

DIGITAL INITIATIVES

Your Company marked 2020 as the ‘Year of Digitalisation' and aptly transformed processes to best-in-class and deployed various digital tools to further optimise operational performance and effectiveness. Implementation of customer relationship management and secondary dealer management system across LPG, lubes and direct customers business lines was a necessary IT intervention in serving over 25 Crore of our esteemed customers. The Digitally Advanced Company of the Year 2020 award from FIPI was a fructification and recognition of these initiatives.

The digital transformation project, i-DRIVE, made significant strides in 2020-21 and scripted notable successes to accelerate the pace of our digital interventions in the times ahead. Some of these initiatives include the Digital Centre of Excellence (DCoE) for an analytics hub, which operationalised more than 25 AI/ ML-based advanced analytics use-cases, such as yield maximisation of units in our refineries, optimum

cleaning schedule for heat exchanger trains, a decision support system for LPG cylinder supply forecasting, PetChem inventory optimisation, customer churn analysis for industrial customers, predictive maintenance and remote monitoring of critical equipment like gas turbines, etc.

Implementation of emerging tech platforms, increased efficiency through digital assistants/ chatbots, robotic process automation (RPA), business intelligence (BI) dashboarding self-service platforms, pan-IndianOil data management platform (DMP), the Data Lake with IT-OT convergence set the foundational platform for all data-driven decision making.

Implementation of off-the-shelf solutions, viz., the data reconciliation and yield accounting tool (DRYA), shutdown management system, integrated shipping tool, end-to-end project management suite, multi-BU pricing tool, network planning tool, coastal scheduler, and the Geographic Information System (GIS) acted as enablers for enhancing process efficiency.

Human Resources

The strong, dedicated and resilient workforce of 31,648 IOCians continued to perform their duties, despite challenges posed by Covid-19, to fuel the country. The total number of employees as on March 31, 2021 include 17,762 executives and 13,886 non-executives and 2,775 women employees comprising 8.77% of the total workforce. During the year, the Company recruited 371 executives. To further the cause of apprenticeship training in the country, the Company engaged apprentices under various categories like Trade/ Technician/ Fresher/ skill-certificate holder. The apprentices were imparted practical inputs with a structured monitoring and assessment methodology.

The Company scrupulously follows the Presidential Directives and guidelines issued by the Government of India regarding the reservation in services for SC / ST / OBC / PwBD (Persons with Benchmark Disabilities) / Ex-servicemen / Economically Weaker Sections (EWSs) to promote inclusive growth. Rosters are maintained as per the directives and are regularly inspected by the Liaison Officer(s) of the Company as well as the Liaison Officer of the Government of India to ensure proper compliance. Grievance / Complaint Registers are also maintained at Division / Region / Unit levels for registering grievances from OBC / SC / ST employees and efforts are made to promptly dispose of the representations/grievances received. In accordance with the Presidential Directive, the details of representation of SC / ST / OBC in the prescribed format are attached as Annexure – I to this Report.

The provisions of 4% reservation for persons with disabilities in line with the Government of India's guidelines/ instructions were implemented by the Company. Necessary concessions/ relaxations in accordance with the rules in this regard were extended to physically challenged persons in recruitment. The number of differently abled employees as on March 31, 2021 was 707, constituting 2.23% of the total employee strength.

During the year, cordial industrial relations were maintained across the Company. The Company provides comprehensive welfare facilities to its employees to take care of their health, efficiency, economic betterment, etc., and to enable them to give their best at the workplace. The Company supports participative culture in the management of the enterprise and has adopted a consultative approach with collectives, establishing a harmonious relationship for industrial peace, thereby leading to higher productivity.

The Company believes in holistic and meaningful employee engagement; and their development to catalyse the emergence of the highest potential of employees. To align HR activities with the Corporate Vision and the newly launched Talent Vision, many initiatives were taken during the year. The ‘People first' approach of the Company is focused at the well-being of teams and stakeholders.

During the year, a Talent Vision and Strategy Framework for three years was launched. Your Company's vision was to ‘Align our People and Talent Capability to deliver our Energy Promise to the Nation'. Along with its core values, the Company will be driven by a DARE2 framework, which emphasises ‘Dexterity, Adaptability, Resilience, Engagement and Empathy'.

The Company achieved Level 3 under the People Capability Maturity Model (PCMM), which is a proven set of Human Capital Management practices that provide a roadmap for continuously improving the capability of workforce. The employees of the Company have been provided access to the Bersin–Research and Sensing Portal, a state-of-the-art knowledge platform, which will keep readers informed of the latest developments. The wholehearted adoption of e-learning portal Swadhyaya by employees during the pandemic emerged as a successful engagement-cum-development practice. In all, employees completed more than 1 Million e-modules. A new mentoring framework was institutionalised to provide opportunity for all employees to help one another grow through collaboration, goal achievement and psycho-social support.

As a forward looking responsible corporate, your Company has always strived to establish an inclusive work culture, which ensures providing a secure work environment to its women employees and has initiated many measures to facilitate the same.

Particulars of Employees

The provisions of Section 134(3)(e) of the Act are not applicable to a Government Company. Consequently, details on Company's policy on Directors' appointment and other matters as required under Section 178 (3) of the Act, are not provided.

Similarly, Section 197 of the Act is also exempt for a Government Company. Consequently, there is no requirement of disclosure of the ratio of the remuneration of each Director to the median employee's remuneration and other such details, including the statement showing the names and other particulars of every employee of the Company, who if employed throughout / part of the financial year, was in receipt of remuneration in excess of the limits set out in the rules are not provided in terms of

Section 197 (12) of the Act read with Rule 5 (1) / (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

Hindi Implementation

The Company is committed to implementing Hindi into the day-to-day functioning at its various offices/ locations/ units. The provisions of the Official Language Act, 1963, and rules notified thereunder were complied with. The communications received in Hindi including any application, appeal or representation written or signed by an employee in Hindi is replied to in Hindi. Official Language Implementation Committees (OLIC) have been formed in all offices/units to review the progress of implementation of official language policies.

Corporate Social Responsibility

Your Company's CSR objectives are enshrined in its Vision / Mission statement, ‘…to help enrich the quality of life of the community and preserve ecological balance and heritage through a strong environment conscience...'. CSR thrust areas include ‘safe drinking water and protection of water resources', ‘healthcare and sanitation', ‘education and employment-enhancing vocational skills', ‘rural development', ‘environment sustainability', ‘empowerment of women and socially / economically backward groups', etc., undertaken mainly for improving the quality of life in various communities, including marginalised and under privileged sections of the society. The Company has partnered many life-changing community development projects and has positively impacted stakeholders with around 600 projects across the length and breadth of the country.

During the year, the Company also undertook various CSR initiatives to overcome the challenges posed by the Covid-19 pandemic like insurance coverage for employees of business partners, providing medical equipment to hospitals, procurement of cold chain equipment for transportation of vaccines, contributions to the PM Cares Fund, etc. During the year, as against the CSR budget of Rs 342 Crore (being 2% of the average profit of the previous three years, as per the provisions of the Companies Act, 2013), the Company set aside an enhanced budget of Rs 460.37 Crore to ensure continuity in the planned CSR activities including many flagship projects. The entire budget of Rs 460.37 Crore was spent during the year on various CSR activities. A report on the Company's CSR activities as per the provisions of the Companies Act, along with CSR highlights for the year is attached as Annexure – II to the Report. The composition of the CSR Committee is provided in the Corporate Governance Report. The CSR policy of the Company can be accessed on the Company website: https:// www.iocl.com/download/Policies/IOC_S&CSR_Policy.pdf.

Right to Information Act (RTI)

The Company has put in place an elaborate mechanism to deal with matters relating to the RTI as required under the Right to Information Act, 2005. Detailed information is hosted and regularly updated on the official website of the Company, www.iocl.com, which inter-alia includes details of Central Public Information Officers (CPIOs) / Assistant Public Information Officers (APIOs), third-party audited reports on mandatory disclosures, etc.

The Company has designated a Nodal Officer at its Corporate Office, New Delhi. In addition, 30 First Appellate Authorities, 41 CPIOs and 41 APIOs have been designated across various locations. The Company has aligned with the Online RTI Portal of DoPT, Government of India, and all applications / appeals received through the portal are handled through the portal itself. The quarterly / annual reports are submitted, within the prescribed timeline, on the website of Central Information Commission, www.cic.gov.in.

During the year, 4,813 requests and 578 first appeals were received and disposed-off within the prescribed timelines. In addition, 90 second appeals were filed before the Central Information Commission, New Delhi, and all were handled without any penalty/disciplinary action by the Hon'ble Commission.

Compliance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013

The provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, have been implemented across the Company with the clear objective of providing protection to women against sexual harassment at the workplace and redressal of complaints of sexual harassment. Internal committees have been set up at each Unit / Region / Head Office level, headed by senior-level women employee to deal with sexual harassment complaints.

Six complaints of sexual harassment were pending as on April 1, 2020. During the year, four complaints were received, and eight complaints were handled. As on March 31, 2021, two complaints were pending.

Regular workshops were organised, especially for women employees, to bring awareness about their rights and facilities at the workplace and emphasising the provisions of the Act. During the year, 35 workshops/awareness programmes were conducted. Gender sensitisation programmes and sensitising male employees were also conducted regularly.

Vigilance

The objective of the vigilance function is to ensure maintenance of the highest level of integrity in the Company. The Company has a separate Vigilance Department, which is headed by the Chief Vigilance Officer. The department acts as a link between the Company and Chief Vigilance Commissioner and also advises the Company on all matters pertaining to the subject. The vigilance department takes preventive, punitive and participative measures, with emphasis on the preventive and participative aspects, and also helps in establishing effective internal control systems and procedures for minimising systemic failures. During the year, 62 vigilance awareness programmes were conducted, which were attended by about 2,400employees.DisciplinaryactionunderapplicableConduct, Discipline and Appeal Rules, 1980, and Certified Standing Orders were taken by the Company for irregularities/lapses. During the year, 44 disciplinary matters related to vigilance cases were disposed of and 16 such cases were pending at the end of year. The cases pertain to irregularities such as indiscipline, dishonesty, negligence in performance of duty or neglect of work, etc. The Company continuously endeavours to ensure fair and transparent transactions through technology interventions and system/process review in consultation with the Central Vigilance Commission and internal vigilance setup. The Vigilance Department (Corporate) of the Company was awarded ISO certification during the year.

Public Deposit Scheme

The Public Deposit Scheme of the Company was closed with effect from August 31, 2009. The Company has not invited any deposits from the public during the year and no deposits were outstanding as on March 31, 2021, except the old cases amounting to Rs 55,000, which remain unpaid due to unsettled legal/court cases.

Corporate Governance

Your Company always endeavours to adhere to the highest standards of corporate governance, which are within the control of the Company. A comprehensive Report on Corporate Governance inter-alia highlighting the endeavours of the Company in ensuring transparency, integrity and accountability in its functioning has been incorporated as a separate section, forming a part of the Annual Report. The certificate issued by the Statutory Auditors on Compliance with Corporate Governance guidelines is annexed to the Report on Corporate Governance.

Management's Discussion & Analysis Report

The Management's Discussion and Analysis (MDA) Report, as required under Corporate Governance guidelines, has also been incorporated as a separate section forming a part of the Annual Report.

Business Responsibility Report

The Business Responsibility Report, providing information on the various initiatives taken with respect to environmental, social and governance perspectives, has been prepared in accordance with the directives of SEBI and is hosted on the website of the Company on the link https://www.iocl.com/ business-responsibility-report

Audit Committee

The Audit Committee of the Board comprised three members, as on March 31, 2021 of whom two were Independent Directors (including the Chairman) and one non-executive Director. The observations / recommendations made by the Audit Committee during the year were put up to the Board and the same were accepted by the Board. Other details of the Audit Committee, such as its composition, terms of reference, meetings held, etc., are provided in the Corporate Governance Report.

Other Board Committees

The details of other Board Committees, their composition and meetings, are also provided in the Corporate Governance Report.

Code of Conduct

The Board of the Company has enunciated a Code of Conduct for the Directors and Senior Management Personnel, which was circulated to all concerned and was also hosted on the Company's website. The Directors and Senior Management Personnel have affirmed compliance with the code of conduct for the financial year 2020-21.

Risk Management

The Company considers risk management as a key element of its business operations and has put in place effective systems to identify, analyse, monitor and mitigate risks to ensure the organisation's sustained growth and profitability.

The Company's Enterprise Risk Management involves risk identification, assessment and categorisation (based on risk appetite) and is reviewed regularly by risk-owners to optimise risks with appropriate mitigation plan. A Risk Management Compliance Board comprising senior management personnel and headed by Chief Risk Officer reviews the various risks associated with the Company's business. The Company has constituted a Risk Management Committee comprising Whole-time Directors which oversees the risk management activities. A report was, thereafter, put up to the Audit Committee and the Board.

Over and above the various business risks, which are apprehended and analysed in the regular course of business, the Company encountered a totally unprecedented risk to its business posed by the Covid-19 pandemic. However, your Company demonstrated strong resilience in the face of adversity during the pandemic despite demand destruction and declining product cracks. The risks posed by Covid-19 were closely monitored by the top management of the Company on a regular basis to ensure continuity of business operations in an optimised and safe manner.

Internal Financial Controls

The Company put in place adequate internal financial controls for ensuring efficient conduct of its business in adherence with laid-down policies; safeguarding of its assets; prevention and detection of frauds and errors; accuracy and completeness of the accounting records; and timely preparation of reliable financial information, which is commensurate with the operations of the Company.

The Company also has a separate Internal Audit department headed by an Executive Director, who reports to the Chairman. The Internal Audit department has a mix of officials from finance and technical functions, who carry out extensive audit throughout the year. The statutory auditors are also required to issue the Independent Auditor's Report on the Internal Financial Controls over financial reporting of the Company under Clause (i) of Sub-Section 3 of Section 143 of the Companies Act 2013. The report issued thereupon has been attached along with the Standalone and Consolidated Financial Statements, respectively.

The Board believes that systems in place provide a reasonable assurance that the Company's internal financial controls are designed effectively and are operating as intended.

Statutory Auditors

The Office of the Comptroller & Auditor General of India had appointed the Statutory Auditors for the financial year 2020-21. The Auditors had confirmed that they are not disqualified from being appointed as Auditors of the Company. The Notes on the financial statement referred to in the Auditors' Report are self-explanatory. The Auditors' Report does not contain any qualification or adverse remark.

The Auditors' remuneration for the year was fixed at Rs 200 Lakhs plus applicable taxes for Statutory Audit. In addition, reasonable out-of-pocket expenses incurred are also reimbursed at actuals. The total amount payable to the Statutory Auditors for all services rendered to the Company during 2020-21 was Rs 402 Lakhs.

Cost Audit

The Company maintains cost records as required under the provisions of the Companies Act. The Company had appointed Cost Auditors for conducting the audit of the cost records maintained by its refineries, lube blending plants and other units for 2020-21. A remuneration of Rs 20.20 Lakhs and applicable taxes was fixed by the Board for payment to the cost auditors for 2020-21, which was ratified by the shareholders in the last AGM. The cost audit reports are filed by the Central Cost Auditor with the Central Government in the prescribed form within the stipulated time.

Secretarial Audit

The Board had appointed M/s. Ragini Chokshi & Co., Practising Company Secretaries, to conduct the Secretarial Audit for 2020-21. The Secretarial Auditor in their report have stated that during the period under review, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc., except as under:

The Company could not comply with the requirement of having not less than 50% of the Board of Directors as Non-Executive Directors for the period September 22, 2020 to March 31, 2021.

The Company could not comply with the requirement of having at least half of the Board of Directors as Independent Directors during 2020-21.

The Company could not comply with Regulation 17(10) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI (LODR)), which requires performance evaluation of Independent Directors by the entire Board of Directors, and regulation 25(4) of the SEBI (LODR), which requires review of performance of Non Independent Directors, the Board of Directors as a whole and the Chairperson of the Company by the Independent Directors.

In this regard, it clarified that the Company being a Government Company under the administrative control of the Ministry of Petroleum & Natural Gas, the selection and appointment of Directors (including Independent Directors and Women Directors) vests with the Government of India as per Government guidelines. Further, the Ministry of Corporate Affairs, vide notification dated June 5, 2015, has provided exemption to Government Companies, regarding the provisions related to evaluation of performance of Directors under the Companies Act, 2013, as the evaluation is carried out by the administrative ministry.

The Secretarial Audit report issued by M/s. Ragini Chokshi

& Co., Practising Company Secretaries, is attached as Annexure - III to this report.

Reporting of Frauds by Auditors

The Auditors in their report for the year have not reported any instance of fraud committed by the officers/employees of the Company.

Public Procurement Policy for Micro and Small Enterprises (MSEs) Order 2012

In line with the Public Procurement Policy of the Government of India, as amended, the Company is required to procure minimum 25% of the total procurement of Goods and Services from MSEs, out of which 4% is earmarked for procurement from MSEs owned by SC/ ST entrepreneurs and 3% from MSEs owned by women. The procurement from MSEs (excluding crude oil, petroleum products and natural gas, API line pipes and certain proprietary items) during 2020-21 was as under:

PARAMETERS TARGETS ACTUAL
Total Procurement from MSEs 25% 28.36%
(General, Reserved SC/ST &Women)
Procurement from Reserved 4% 0.75%
SC/ST MSEs (Sub-target out of 25%)
Procurement from Women- 3% 0.14%
owned MSEs (Sub-target out of 25%)

The deficit of 3.25% and 2.86% under the sub-targets was due to non-availability of vendors in the sub-category; however, the overall target was achieved by procurement from other micro and small enterprises in line with the policy.

Several initiatives were undertaken to identify the entrepreneurs for procurement of goods and services from MSEs owned by SC/ST enterprises, including 76 vendor development programmes.

Subsidiaries, Joint Ventures & Associates

During the financial year, two new joint venture companies were incorporated, as per details given below:

IndianOil Total Private Limited incorporated on October 7, 2020 with 50:50 equity holding between your Company and Total Marketing and Services S.A., France, for undertaking Bitumen and LPG business.

IOC Phinergy Private Limited incorporated on February 19, 2021 with 50:50 equity holding between your Company and Phinergy, Israel, for commercialisation of Aluminium-Air Battery technology in India.

In March 2021, your Company exited from an inoperative joint venture, IndianOil Panipat Power Consortium Limited (IPPCL), through sale of its entire equity shareholding.

As required under the provisions of the Companies Act, 2013, a statement on the performance and financial position of each of the subsidiaries, joint venture companies and associates is annexed to the Consolidated Financial Statements. The financial statements of the subsidiaries have also been hosted on the Company website, www.iocl.com, under the ‘Financial Performance' section.

In accordance with the provisions of SEBI guidelines, your Company has framed a policy for determining material subsidiaries, which can be accessed on the Company's website at, https://www.iocl.com/download/Policies/Material_ Subsidiary_Policy.pdf.

Related Party Transactions (RPTs)

During the year, your Company entered RPTs, which were on arm's length basis and were in the ordinary course of business. As required under the provisions of the Companies Act, 2013, and SEBI (LODR), all RPTs were approved by the Audit Committee.

During the year, the Company had not entered into any transaction with related parties, which could be considered material in accordance with the policy of the Company on materiality of related party transactions.

In view thereof, there is no transaction which needs to be reported in Form No. AOC-2, in terms of Section 134(3)(h) read with Section 188 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014.

The Policy on Materiality of Related Party Transactions and on dealing with Related Party Transactions as approved by the Board is hosted on the Company's website and can be accessed at: https://iocl.com/download/RPT_Policy.pdf.

Energy Conservation, Technology Absorption and foreign Exchange Earnings and Outgo

Energy conservation is accorded utmost importance among the various operating parameters of the Company. The performance of all units is monitored on a continuous basis and efforts are made for continuous improvement by incorporating the latest technologies and global best practices. The various energy conservation measures implemented across the refineries during the year, resulted in energy saving as well as monetary saving. Under pipeline operations, various initiatives were taken during the year, which resulted in reduction in Specific Energy Consumption by 13.5% over 2019-20.

In accordance with the provisions of the Companies Act, 2013, and rules notified thereunder, the details relating to Energy Conservation, Technology Absorption and Foreign Exchange Earnings and Outgo are annexed as Annexure-IV to the Report.

Board of Directors & Key Managerial Personnel

The following changes occurred in the Board / Key Managerial Personnel of the Company:

1. Shri Vinoo Mathur, Shri Samirendra Chatterjee, Shri C.R. Biswal, Dr Jagdish Kishwan, Shri Sankar Chakraborti and Shri D. S. Shekhawat ceased to be Independent Directors w.e.f. September 22, 2020, consequent upon completion of their term.

2. Shri Akshay Kumar Singh, ceased to be Director (Pipelines) w.e.f. February 1, 2021, consequent upon resignation due to his appointment as Managing Director of Petronet LNG Limited.

3. Shri Gurmeet Singh, ceased to be Director (Marketing) w.e.f. April 1, 2021, consequent upon his superannuation.

4. Shri Rajendra Arlekar, ceased to be an Independent Director w.e.f. July 11, 2021 consequent upon his resignation due to his appointment as the Hon'ble Governor of the State of Himachal Pradesh

Dr S. S. V. Ramakumar, Director (Research & Development) and Shri Ranjan Kumar Mohapatra, Director (Human Resources), are liable to retire by rotation and being eligible are proposed to be re-appointed at the forthcoming Annual General Meeting (AGM).

A brief profile of the Directors proposed to be appointed / reappointed at the forthcoming AGM is provided in the notice of the AGM.

Independent Directors

The Company received the Certificate of Independence from the Independent Directors confirming that they meet the criteria prescribed for Independent Directors under the provisions of the Companies Act, 2013, and SEBI (LODR). The Independent Directors have confirmed that they have registered with the Database maintained by the Institute of Corporate Affairs (IICA) under the Ministry of Corporate Affairs and have also cleared the online proficiency self-assessment test as prescribed by the IICA.

The Company being a Government Company, the power to appoint Directors (including Independent Directors) vests with the Government of India. The Directors are appointed by following a process as per laid down guidelines. In the opinion of the Board, the Independent Directors have the requisite expertise and experience.

A separate meeting of Independent Directors was held during the year as per provisions of the Companies Act, 2013, and SEBI (LODR).

Board Meetings

During the year, 11 meetings of the Board of Directors were held. The details of the meetings attended by each Director are provided in the Corporate Governance Report and, hence, not repeated to avoid duplication.

Board Evaluation

The provisions of Section 134(3)(p) of the Companies Act, 2013, require a listed entity to include a statement indicating the manner of formal evaluation of performance of the Board, its Committees and of individual Directors. However, the said provisions are exempt for Government Companies as the performance evaluation of the Directors is carried out by the administrative ministry, i.e., Ministry of Petroleum and Natural Gas (MoP&NG), as per laid-down evaluation methodology.

Significant and Material Orders Passed by the Regulators or Courts

No significant and material orders were passed by the regulators or courts or tribunals, during the year that impact the going concern status of the Company and its operations in the future. The response to the notice issued by the

National Green Tribunal and Haryana State Pollution Control Board last year, with regard to air and water pollution caused by the PTA Unit of Panipat Refinery was provided by the Company. However, as directed by NGT, an amount of Rs 17.31 Crore was deposited ‘under protest' with CPCB as interim compensation for restoration of the environment. Since then plant operations had commenced. Subsequently, based on the directions received from the NGT, a further amount of Rs 25 Crore was deposited as interim compensation for restoration of the environment. In January 2021, the Joint Committee visited the refinery and petrochemicals plant at Panipat to review the progress of the various initiatives as suggested by the Committee. The restoration plan was submitted by the Committee in January and the final report on the progress of its recommendations to the NGT in February 2021. The case was heard by the Hon'ble NGT in March 2021 and was disposed of with directions to complete all the recommendations of the Joint Committee within a time schedule.

Vigil Mechanism / Whistle-Blower Policy

The Company promotes ethical behaviour in all its business activities and has put in place a mechanism for reporting illegal or unethical behaviour. The Company has established a robust Vigil Mechanism and a whistle-blower policy in accordance with provisions of the Act and Listing Regulations. Under the whistle-blower policy, employees are free to report any improper activity resulting in violation of laws, rules, regulations, or code of conduct by any of the employees to the Competent Authority or Chairman of the Audit Committee, as the case may be. Any complaint received is reviewed by the Competent Authority or Chairman of the Audit Committee as the case may be. No employee has been denied access to the Audit Committee. The policy on Vigil Mechanism/Whistle-Blower can be accessed on the Company's website at: https:// iocl.com/download/Policies/Whistle_Blower_policy.pdf.

Details of Loans / Investments / Guarantees

The Company has provided loans / guarantees to its subsidiaries, joint ventures and associates and has made investments during the year in compliance with the provisions of the Companies Act, 2013, and rules notified thereunder. The details of such investments made, and loans / guarantees provided as on March 31, 2021 are provided in the Standalone Financial Statement.

Annual Return

As required under the provisions of the Companies Act, 2013, the Annual Return is hosted on the Company's website and can be accessed from the link: https://iocl.com/annual-return.

Compliance with Secretarial Standards

The Company complies with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI).

Credit Rating of Securities

The credit rating assigned by rating agencies for the various debt instruments of the Company is provided in the Corporate Governance Report.

Investor Education & Protection Fund (IEPF)

The details of unpaid / unclaimed dividend and shares transferred to the IEPF in compliance with the provisions of the Companies Act, 2013, has been provided in the Corporate Governance Report.

Material Changes Affecting the Company

The Covid-19 pandemic and the consequent lockdown in the country since the end of March 2020 had impacted the operations as well as sales of the Company. However, the gradual relaxations in the lockdown during the year resulted in improvement in sales as well as operations. With the resurgence of the second wave of Covid-19, there has been some impact on the demand of petroleum products since April 2021. The Company is taking necessary steps to overcome the challenges.

Directors' Responsibility Statement

Pursuant to Sec.134(3)(c) of the Companies Act, 2013 pertaining to the Directors' Responsibility Statement, it is hereby confirmed that:

(a) in the preparation of the Annual Accounts, the applicable accounting standards had been followed alongwith proper explanation relating to material departures;

(b) the Directors had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period;

(c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(d) the Directors had prepared the annual accounts on a going concern basis; and

(e) the Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.

(f) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Acknowledgements

The Board of Directors would like to express its appreciation for the sincere, dedicated and untiring efforts of the employees of the Company, the contract labourers, and employees of business channel partners to ensure the supply of petroleum products across the country during the lockdown and restrictions caused by the Covid-19 pandemic, and for achieving an excellent performance despite challenges during the year. The Board would also like to thank the Government of India, particularly the Ministry of Petroleum & Natural Gas, as well as the various State Governments, regulatory and statutory authorities, for their support as well as guidance from time to time. The Board is also thankful to all its stakeholders, including bankers, investors, members, customers, consultants, technology licensors, contractors, vendors, etc., for their continued support and confidence reposed in the Company. The Board would like to place on record its appreciation for the valuable guidance and significant contribution made by Shri Vinoo Mathur, Shri Samirendra Chatterjee, Shri C. R. Biswal, Dr Jagdish Kishwan, Shri Sankar Chakraborti, Shri D. S. Shekhawat, Shri Akshay Kumar Singh, Shri Gurmeet Singh and Shri Rajendra Arlekar during their tenure on the Board of the Company.

For and on behalf of the Board
Sd/-
(Shrikant Madhav Vaidya)
Place: New Delhi Chairman
Date: July 27, 2021 DIN: 06995642

   

Indian Oil Corporation Ltd Company Background

Shrikant Madhav Vaidya
Incorporation Year1959
Registered OfficeIndian Oil Bhavan G-9,Ali Yavar Jung Marg Bandra(E)
Mumbai,Maharashtra-400051
Telephone91-22-26447616/26447528,Managing Director
Fax91-22-26447961
Company SecretaryKamal Kumar Gwalani
AuditorV Singhi & Associates/K C Mehta & Co/Singhi & Co
Face Value10
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarKFin Techologies Pvt Ltd
Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032

Indian Oil Corporation Ltd Company Management

Director NameDirector DesignationYear
SSV RamakumarDirector (Research & Devplmnt)2021
Kamal Kumar GwalaniCompany Secretary2021
Ranjan Kumar MohapatraDirector (Human Resources)2021
Sandeep Kumar GuptaDirector (Finance)2021
Shrikant Madhav VaidyaChairman2021
Lata UsendiNon-Exec. & Independent Dir.2021
Navneet Kumar KothariNominee (Govt)2021
Satish Kumar VaduguriDirector (Marketing)2021
Dilip Gogoi LalungIndependent Director2021
Ashutosh PantIndependent Director2021
Dattatreya Rao SirpurkerIndependent Director2021
Sudipta Kumar RayIndependent Director2021
Krishnan SadagopanIndependent Director2021

Indian Oil Corporation Ltd Listing Information

Listing Information
NIFTY
BSE_500
BSE_100
BSE_200
BSEDOLLEX
BSE_PSU
CNX500
BSEOIL
CNXENERGY
CNX100
CNXINFRAST
CNX_PSE
CNX200
CNXCOMMODI
BSECARBONE
BSECPSE
NFT100EQWT
BSEALLCAP
BSELARGECA
BSEENERGY
SENSNEXT50
BSEBHARA22
LMI250
BSEDSI
BSEEVI
NFT50EQWT
BSE100LTMC
NFTYLM250
NFTYOILGAS
NF500M5025

Indian Oil Corporation Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Sale of Products and Crude NA 000573843.13
Provision for Contingencies NA 0001353.49
Grant from GOI (Special Oil BoNA 0001296.17
Retail Outlet License Fees NA 0001117.06
Provision for Doubtful Debts NA 000628.1
Other Miscellaneous Income NA 000619.62
Sale of Power & Water NA 000337.19
Sale of Scrap NA 000213.62
Income from Non Fuel Business NA 000170.47
Subsidy NA 000161.68
Unclaimed Liabilities Written NA 000155.27
Sale of Services NA 000152.55
Amortization of Capital GrantsNA 000134.3
Net Claim(Surrender of SSC) NA 000100.2
Terminalling Charges NA 00056.85
Revenue Grants NA 00043.66
Recoveries from Employees NA 00015.46
Revenue from Construction ContNA 0008.11
Income from Finance Leases NA 0005.03
Commission & Discount ReceivedNA 0003.75
Company's use of own Products Rs.0000
Pool Account Adjustment Rs.0000
Naphtha Cracker Plant MT 0000
Oil-Crude MT 0000
Other Petrochemical Products MT 0000
Petroleum Products MT 0000
Base Oil & Additives MT 0000
MEG/DEG/TEG MT 0000
Sales NA 0000
Commodity Hedging Gain NA 0000
Other Operating Revenues NA 0000
Others NA 0000
Gas MBT0000
Oxygen Gas CuM0000
M T B E MT 0000
Propylene MT 0000
Butene MT 0000
Xylene MT 0000
PX/PTA Plant MT 0000
Lubricants-Greases MT 0000
Lubricants-Oils MT 0000
Explosives MT 0000
Explosives-Slurry MT 0000
L A B Plant MT 0000
Polymer MT 0000
PSF MT 0000
Wax/Bitu./Asphalt Lub.Oil-DrumNo 0000
Cryocontainers No 0000

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