Chennai Petroleum Corporation Limited (CPCL) conducted its 55th Annual General Meeting Virtually through Video Conference / Other Audio Visual Means (OAVM) on 20th August 2021. Shri.S.M.Vaidya, Chairman, Indian Oil Group Companies,
Shri.Rajeev Ailawadi, Director (Finance) & Managing Director i/c, Shri.S.Krishnan, Director (Operations), Shri H.Shankar, Director (Technical) and other Directors on the Board of the Company participated in the meeting.
Chairman complimented the entire CPCL Team for their determined efforts during covid 19 period.
Chairman informed that CPCL’s physical performance continues to be robust, more particularly in terms of distillate yield improvement, optimization of the crude mix, and energy efficiency and highlighted the major achievements in the meeting.
– Braving all the challenges, CPCL has performed well even during the difficult period and ensured product supply to people of Tamil Nadu and industries without interruption.
– Highest ever monthly LOBS production of 23.8 TMT in Jan ’21, surpassing the previous benchmark of 20.6 TMT in Dec. ’20.
– Expansion of Crude basket by processing three new crudes in 20-21, with an added advantage of increasing the TAN limitation from 0.5 to 0.7.
– Highest ever Hexane production of 22.5 TMT, surpassing the previous benchmark of 19.7 TMT in 2019-20.
– Successful production of missile fuel in Feb’2021 was a noteworthy contribution, gaining national importance.
– Crude Thruput for the year 20-21 was 8.24 MMT, as against 10.16 MMT for the previous Fiscal which is mainly due to lower product demand on account of COVID pandemic.
It is heartening to note that the company has achieved a turnaround in financial performance with a Profit before Tax of Rs.1276.54 Cr (Standalone) as compared to loss before tax of Rs.3016.03 Cr (Standalone) in the previous financial year.
During the year, the company has opted to avail the lower rate of Income tax, considering all the provisions under section 115BAA of the Income Tax Act, 1961.
As a result, the company has posted a PAT of Rs 237.56 Cr (Standalone) in FY 2020-21 as against a net loss of Rs. 2077.58 Cr (Standalone) in FY 2019-20.
The turnover was lower at Rs.41,814 Cr. (Standalone) during 2020-21 as compared to Rs.48,624 Cr. (Standalone) in the previous financial year mainly due to lower demand in the First half of 2020-21 arising out of COVID situation.
Considering the planned project investments, the Board of Directors of the Company has not recommended any dividend for year.
Shri.Rajeev Ailawadi, Director (Finance) & Managing Director i/c expressed his sincere thanks to all and the virtual AGM ended after casting of votes by the shareholders through insta-poll on the business items forming part of Notice of the 55th AGM.