Indian Oil Corporation marks historic high in FY 2023-24 with record-breaking financial and operational performance

Indian Oil Corporation has announced its historic financial performance for the fiscal year 2023-24, with a net profit of ₹239,619 crores, a monumental increase from the previous year’s ₹8,242 crores. This achievement is the highest ever in the company’s history, spanning over six decades.

Operational Excellence Across the Board

The stellar year for IndianOil was not limited to financials. The company recorded its highest-ever sales volume at 97.551 million tonnes of products. Its refining throughput reached 73.308 million tonnes, and it managed an extensive pipeline network of over 19,500 km, with a throughput of 98.626 million tonnes. These operational figures set new records for IndianOil, underscoring its robust response to India’s growing energy demands.

Indian Oil Corporation achieved a historic high with record-breaking financial and operational performance in FY 2023-24

Commitment to Green Energy Initiatives

IndianOil is not just focusing on its current success but is also preparing for a sustainable future. The company has announced the creation of a wholly-owned subsidiary to venture into low carbon and renewable energy businesses. This includes an ambitious plan to establish 1 gigawatt (GW) of renewable energy capacity nationwide with an investment of ₹5,215 crore. Additionally, IndianOil is enhancing its electric vehicle (EV) infrastructure, planning numerous charging points and battery-swapping facilities at its stations.

Strategic Partnerships and Investments

In a significant move to support the demand for Lithium-ion batteries, IndianOil has entered a joint venture with a Panasonic Group company to manufacture battery cells in India. This partnership aims to cater to the burgeoning needs for mobility applications and energy storage systems.

Future Outlook

IndianOil’s impressive achievements in FY 2023-24 are a testament to its strategic planning and execution excellence. The company’s forward-looking investments in green energy and EV infrastructure are particularly noteworthy, positioning it well for the ongoing energy transition in India. Looking ahead, IndianOil’s commitment to innovation and sustainability is likely to continue driving its growth and helping it maintain a leadership position in the energy sector.