July-Dec, 2012 (Special Issue) - Oil India Limited

Oil India Limited holds its
53 rd Annual General Body Meeting
Fiscal 2011-12 - a year of
significant achievements
for the Company Record
Oil & Gas production
Highest turnover and PAT
- Record 400% Dividend
Enters the Renewable
Energy Sector -
commissions a 13.6 MW
wind turbine plant
Honoured with
“Company of the Year”
Award
Oil India Limited, hold its 53 rd Annual General Body meeting at its Field
Headquarters, on 15 th September 2012 at Duliajan.
In his address to the shareholders, Chairman and Managing Director, Shri S K
Srivastava said that fiscal 2011-12 was a year of significant achievements for the
Company as its annual oil and gas production touched new heights of 3.847 MMT
and 2633.29 MMSCM in oil and natural gas respectively.
The turnover of the Company was also the highest so far and stood at ` 9863.23 crores
showing an increase of 18.54% against last fiscal, while the Profit after Tax touched
a new peak of ` 3446.92 - an increase of 19.36 percent over the previous year. As
a result, the Company declared dividend at 400%, which too was the highest so far,
Shri Srivastava said. Improved financial performance has helped OIL to increase its
net worth to ` 17721 crores as against ` 15602 crore during the previous fiscal.
The CMD also pointed out that this achievement was in spite of having provided
subsidy discounts to the tune of ` 7351.77 crores as compared to ` 3293.08
crores during corresponding period during 2010-11 to Oil Marketing Companies to
compensate for their under recoveries in line with Government policy. The subsidy
has affected the PAT of the Company for the year under review by ` 4162.99 crore.
Shri Srivastava also mentioned about OIL’s substantial contribution both to the State
and Central exchequer in terms of Cess, Royalty, Sales Tax etc. The contribution to
the State Exchequer during the year was ` 1865.53 crore and that to the Central
Government was ` 3908.62 crore. He also mentioned that it is a matter of great
pride that OIL’s audited annual accounts have “Nil” comments from the Comptroller
and Auditor General of India for the Tenth year in succession.
Giving an overview of the Company’s scenario, Shri Srivastava mentioned that in the
first nine rounds of NELP bidding OIL had acquired thirty three blocks, either alone
or in partnership with other national or international companies with operatorship
in twelve blocks. He informed that OIL is actively pursuing planned exploration
activities as per committed Minimum Work Programme in all the NELP and other
blocks spread throughout the country.
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