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1、OCTANEOCTANEPERFORMANCEHIGHIntegrated Annual Report 2021-22At IndianOil,we believe high-octane is not just a characteristic of the fuel we produce,it defines the spirit of every IOCian.With the zeal,enthusiasm,and quest to provide the best to customers,stakeholders,channel partners and associates,we
2、 have been transforming relentlessly to be a socially responsible and sustainable energy company.Performance and Experience that is unparalleled,is what,IndianOil offers to its stakeholders.Over the years,the Company has strived relentlessly to develop best-in-class energy solutions for the nation.C
3、onsolidating its existing businesses,converting each challenge into an opportunity,realising sustainable energy alternatives,innovating across domains,and traversing across the skies and deep seas,IndianOils agility and tenacity keeps the wheels of growth moving year after year.The commitment,dedica
4、tion and passion of the Company as a whole has indeed gravitated IndianOils character of being a game-changer across the oil and gas industry.This is IndianOils Integrated Annual Report for the Year 2021-22 It provides detailed information about IndianOils progress and highlights for the year ended
5、March 31,2022.This is the primary report to our stakeholders in which we aim to provide a balanced and accurate reflection of our value creation methodology,risks and opportunities,materiality assessment,stakeholder engagement and our performance scorecard through the deployment of each capital as w
6、ell as our future roadmap.Integrated and Sustainable ThinkingAt IndianOil,we understand that value creation cannot happen in a vacuum.It is possible only through careful consideration of the relationship between the capitals that we use and the potential linkages between our strategic choice and act
7、ions that we undertake to deliver on our vision.This has an impact on our ability to create value for our stakeholders over the short,medium and long term.In addition,our activities also contribute to the United Nations Sustainable Development Goals(SDGs)covering a range of multi-stakeholder goals t
8、hat we aspire to achieve.For more information or scan QR codeCorporate Overview04 Fuelling Indias Growth Sustainably06 High-Octane Performance Achieved through our Capitals08 Chairmans Message16 Strong Governance in Letter and Spirit18 Managing Risks with Clear Foresight22 A Sustainable Model for Lo
9、ng-term Value Creation24 Wide-ranging Interactions with all Stakeholders28 Materiality Assessment30 Supporting the SDGsDescription of Capitals32 Financial Capital36 Manufactured Capital44 Intellectual Capital52 Natural Capital56 Human Capital62 Social and Relationship Capital67 Awards and Recognitio
10、nsCorporate Information70 Core Team72 Senior Management Team75 Main Offices&Major Units75 RTA,Bankers,etc.76 Auditors76 Group Companies78 Performance at a GlanceStatutory Reports82 Directors Report105 Annexure I-SC/ST/OBC Report106 Annexure II-Highlights of CSR Activities119 Annexure III-Secretarial
11、 Audit Report121 Annexure IV-Report on Energy Conservation,Technology Absorption and Foreign Exchange Earning132 Report on Corporate Governance157 Managements Discussion&AnalysisFinancial StatementsStandalone Financial Statements177 Independent Auditors Report196 Balance Sheet198 Statement of Profit
12、&Loss200 Cash Flow Statement202 Statement of Changes in Equity206 Notes322 Income&Expenditure Account-TownshipConsolidated Financial Statements323 Independent Auditors Report332 Balance Sheet334 Statement of Profit&Loss336 Cash Flow Statement338 Statement of Changes in Equity342 Notes466 Comments of
13、 Comptroller and Auditor General of India 469 NoticeContentsReporting FrameworksThe report follows the International Integrated Reporting Council framework,which allows us to tell our members and other stakeholders how we create value for them.A consolidated assessment of the six capitals provides b
14、oth our strategy as well as the internal materiality process we have used to determine the content and structure of this report.The financial and statutory data presented in this report are in line with the requirements of the Companies Act,2013 and rules notified thereunder,the Indian Accounting St
15、andards,the Securities and Exchange Board of India(Listing Obligations and Disclosure Requirements)Regulations,2015,and the Secretarial Standards.Reporting PeriodThis integrated report primarily covers the 12-month period from April 1,2021 to March 31,2022.However,certain sections of this report rep
16、resent facts and figures of the previous years as well.The details and information in the Integrated Report pertain to Indian Oil Corporation Limited on a standalone basis,unless otherwise specified.Both the financial and non-financial aspects are in accordance with the applicable laws,regulations a
17、nd standards of the Republic of India.Forward-looking StatementsWe have exercised utmost care in the preparation of this report.It might include forecasts and/or information relating to forecasts.Facts,expectations,and past data are typically the basis of forecasts.As with all forward-looking statem
18、ents,the actual result may deviate from the forecast.As a result,we can provide no assurance on the correctness,completeness,and up-to-date nature of the information for our forward-looking statements,as well as for those declared as taken from third parties.Therefore,appropriate discretion on the p
19、art of readers is advised.We undertake no obligation to publicly update any forward-looking statements,whether as a result of new information,future events,or otherwise.IndianOils brand mascot-the IndianOil RhinoPeopleEthicsEnvironmentTechnologyInnovationCustomersVISIONVALUESLeading with passion to
20、excelSetting high standards for ethics and valuesCaring for the environment and communityHarnessing frontier technologyPioneering the spirit of creativity and researchFostering relationships for a lifetimeA Globally Admired CompanyThe Energy of IndiaFuelling Indias Growth SustainablyOur values and v
21、ision empower us to attain new pinnacles of success year-on-year.Through our operations,we not only create value for ourselves and our stakeholders,but also contribute towards uplifting the communities in which we operate.A leading,diversified and integrated energy major with presence across all the
22、 streams of oil,gas,petrochemicals and alternative energy sources,IndianOil is driven by its vision and grounded by its values.To achieve our vision,we analyse the macro-economic environment that we operate in to identify the material issues central to our business(refer page 28),the evolving needs
23、and expectations of our stakeholders(refer page 24),along with risks and opportunities(refer page 18)arising from changing market dynamics.We address these changing dynamics through our sound strategies and robust business model across our business clusters,which include:Refining,Pipelines and Marke
24、tingWe have the largest share in the market among downstream companies in India,alongside of maintaining the largest petroleum pipeline networks in the world.To reach out to maximum number of customers,we continue to strengthen our petroleum marketing and distribution network which is one of the lar
25、gest in Asia.PetrochemicalsWith the endeavour to be the largest petrochemicals player in India,we are making significant strides towards integrating our downstream operations and establishing a strong international presence.Other Energy Segments and BusinessesWe continue to expand our presence in th
26、e renewable and bio-energy space to accelerate Indias journey towards carbon-neutrality.We also have strong presence in explosives,cryogenics and have invested in fertiliser business.Natural GasBeing the second largest player in the space,we have been making consistent progress in up-scaling our ope
27、rations to ensure the steady supply of clean and safe gas across the country.(for more details on our business model refer to page 22 and Page 36 for business clusters)CareInnovationPassionTrustExploration&ProductionWe are cementing our position in the E&P segment by investing towards acquiring E&P
28、assets in domestic and international markets.Corporate Overview F u e ll i n g I n d i as G r o w t h S u s t a i n a b lyIntegrated Annual Report 2021-22High O C TA N E Pe r for m a n c e0405Indian Oil Corporation LimitedHigh-Octane Performance Achieved through our CapitalsAt IndianOil,our capitals
29、 range from our mega infrastructure and assets,growing talent pool,advanced technology backbone,to best-of-breed R&D and governance practices.Our high-octane performance is underpinned by these capitals and their interplay enables us to unlock stakeholder value responsibly and sustainably.Financial
30、CapitalHighest everRevenue from operations (J 7,28,460 crore)and PAT(J 24,184 crore)83.25 MMTThroughput of our countrywide network of pipelinesJ 47,568 croreEBITDAJ 30,391 croreCapital expenditureJ 21,177 croreOperating cash flowUS$11.25 per barrelGRM as compared to US$5.64 per barrel in 2020-21 67.
31、67 MMTCrude throughputManufactured CapitalHighestNumber of patents(225)filed in 2021-227,79,229 hoursTraining provided 240 MWRenewable energy capacity 1,519Patents filed till March 31,2022J 116.18 croreSpent on training and development 77.46 lakhPeople benefitted from our CSR activities 3.36 MMT CO2
32、-eqEmission avoided/mitigated30%R&D team members hold PhD degrees 8.7%Female employees493CSR projects439 MTWaste paper recycledIntellectual Capital Social&Relationship CapitalHuman CapitalNatural Capital Corporate Overview Integrated Annual Report 2021-22High O C TA N E Pe r for m a n c eIndian Oil
33、Corporation Limited0607Hi gh-O c t a n e Pe r f o r m a n c e Ac h i e v e d t h r o u gh o u r C ap it al sChairmans Message As always,their humane face shone bright amidst extreme adversities.The spirit of Nation before Self essentially defines our DNA,and it was illustrated again as we diverted t
34、he commercial oxygen production from our petrochemical plant to hospitals for medical use.These efforts were well acknowledged at every level giving us a sense of deep satisfaction.More importantly,our focus on operational excellence remained unwavering,and our energy soldiers ensured that even the
35、countrys remotest corners remained energised.However,some of our IOCians and frontline energy warriors succumbed to the menacing virus while serving the nation and I salute them for their contribution.The memory of our Covid martyrs will be etched in the annals of the Companys history in golden lett
36、ers.Our teams have been continuously setting new benchmarks of business excellence.Our ability to justify the faith reposed in us by the country,is deeply satisfying for us.The year 2021-22 witnessed IndianOil registering record profits and last year,We once again surpassed our best,by notching up t
37、he highest-ever revenue and setting a record net profit.This stellar success in business numbers also validates our sustained focus on fuelling the socio-economic aspirations of New India.We are indeed grateful for your unstinted support that gives us the strength to keep moving ahead and fuels our
38、spirit of service excellence.At IndianOil,we take pride in being the Energy of India,and our robust financials validate our determination to excel against all odds.In fact,during 2021-22,IndianOils revenue from operations went up by over 41%compared to the previous year,and our net profit went up by
39、 nearly 11%.This growth is remarkable,and to put it in context,we must remember that even the year before,we notched up record numbers.This is an extraordinary feat that will surely inspire Team IndianOil to aim for new benchmarks of operational excellence in the coming years.Challenges and Champion
40、sAs the year 2021-22 set in,the nation witnessed the ravaging second wave of Covid-19.Indias economy and health infrastructure reeled under the severe impact of the virus.It took a series of inspired and coordinated endeavours from the Government of India to reboot the nation.Let me proudly share th
41、at your Company led corporate Indias efforts to align with the initiatives of the Government in alleviating the strain on the economy and citizens.From shoring up liquid medical oxygen supply in the country to strengthening medical infrastructure,the IndianOil team went all out to accomplish the mis
42、sion.The year 2020-21 witnessed IndianOil registering record profits and during 2021-22 we once again surpassed our best,by notching up the highest-ever revenue and a new record net profit.Optimised OperationsCall of Capex Operational excellence is mostly about nurturing a team and a system that can
43、 work together to rise above every challenge and chase greatness.Your Company left no stone unturned to meet the high capital expenditure(capex)targets and rose above every constraint even during the pandemic to meet these targets consistently.Youll be happy to know that since 2018-19,IndianOil has
44、contributed more than a quarter of the combined capex spend of all Public Sector Undertakings(PSUs),under the Ministry of Petroleum and Natural Gas.Last year was no exception as we replayed the success story and met the target of H 29,347 crore,which is over 28%of the Ministrys overall outlay.Dear M
45、embers,I hope you are doing well.Inspired by Indianness Reflections and RecordsAs I present IndianOils Integrated Annual Report 2021-22,I am reminded of the Companys first Annual Report,published in 1960.The modest report wrote,“The Company shall build up facilities as may be warranted by the growin
46、g demand of petroleum products(in India)”.Back then,IndianOil did not have any petroleum storage capacity.In that context,the Companys journey over the past six decades has been a saga of phenomenal growth and unshakable faith to fuel the nation while rising above every possible challenge.Shrikant M
47、adhav VaidyaChairman,IndianOilRise of RefiningThe ambitious capital expenditure caters to the fundamental tenets of our future growth strategy,namely refinery expansion and petrochemical integration.Never has IndianOil rolled out megaprojects of the magnitude that the Refineries Division is witnessi
48、ng now.As I write to you,projects worth more than H 1 lakh crore are in various stages of implementation.These mega projects will enhance the installed group refining capacity of your Company from the current 80.55 million metric tonnes per annum(MMTPA)to an estimated 107 MMTPA by the year,2024-25.O
49、ur journey towards a robust petrochemical presence is also witnessing new highs every year.During 2021-22,our Naphtha throughput touched 3.0 MMTPA,about 28%higher than the target.Your Company is Indias second-largest petrochemicals player,with a capacity of around 3.2 MMT.With various projects in th
50、e pipeline at Gujarat,Barauni,Panipat and Paradip refineries,the present Petrochemical Intensity Index(PII)of about 5%will go up to about 7%by 2025 and 15%by 2030.The commissioning of the grassroot Mono Ethylene Glycol(MEG)plant at Paradip,Phase-1 Naphtha Cracker expansion at Panipat and Linear Alky
51、l Benzene(LAB)expansion at Gujarat Refinery will go a long way in enhancing your Companys profitability.We are determined to ensure the timely completion of these projects and leverage them to the best of our advantage.I must add that our petrochemical forays will be critical catalysers for IndianOi
52、ls growth engine and the memorandum of understanding(MoU)signed with the Government of Gujarat in June 2021,reflects that validation.The MoU envisages setting up the Petrochemical and Lube Integration(LuPech)Project and Acrylics/Oxo Alcohol Project at Gujarat Refinery.IndianOil is committed to reali
53、se the socio-economic aspirations of New IndiaLiquid Medical Oxygen being transported by IndianOil during Covid pandemicMr Rameswar Teli,Minister of State for Petroleum and Natural Gas,Labour and Employment,being handed over IndianOils Brand Mascot by Mr S M Vaidya,Chairman,IndianOilCommitted IOCian
54、s ensured the nation is on the move 24x7x365Corporate Overview Integrated Annual Report 2021-22High O C TA N E Pe r for m a n c eIndian Oil Corporation Limited0809C h a i r m a n s Me s s a g eIn the LPG sector,IndianOil now has the value-added XTRATEJ,for commercial and industrial use,5Kg Variant C
55、hhotu,2 Kg Variant Munna and the Composite cylinderPipelines ProwessOur mammoth network of underground highways of more than 15,000 km is all set to increase with the completion of the 1,200 km-long Paradip-Hyderabad product pipeline.The Board has also approved the establishment of a 1,033 km-long M
56、undra-Panipat crude oil pipeline with a capacity of 17.5 MMTPA to meet the enhanced crude oil requirement of the Panipat Refinery,that is due for expansion from 15 to 25 MMTPA.We have also commissioned the Dahej-Koyali dedicated Natural Gas Pipeline(106 km long,5 MMSCMD capacity).The pipeline connec
57、ts the Dahej LNG terminal of Petronet LNG Ltd.to the Gujarat Refinery in Vadodara.This has enhanced IndianOils self-sufficiency in pipeline operations.Marketing MilestonesOur ambitious infrastructural investments are bound by two key focus areas ensuring Indias energy security and constantly delight
58、ing our invaluable customers.Adding to the bouquet of customer-centric initiatives,we launched XP95 in May 2021,the best-in-class branded fuel(with 95 Octane specification),that is not only more powerful and efficient than normal petrol but is also competitively priced.The fuel is available at 7,805
59、 fuel stations across the country(till July 2022).We also rolled-out XTRAGREEN diesel in July 2021,and at the end of July 2022,the lower emission fuel is being sold at 1,078 fuel stations across India.Such innovative offerings ensure IndianOil has the most enriched product basket to cater to the pre
60、ferences of every section of customers.Connect,where customers can book refill cylinders on behalf of family members or friends across India.Earlier,the Missed Call facility for Indane refill delivery as well as for obtaining a new connection was launched in January 2021 making the process quite con
61、venient.I would like to share another significant feat of your Company,wherein IndianOil released 50 lakh LPG connections under the Pradhan Mantri Ujjawla Yojana 2.0,before the target date of March 31,2022.Amid these accomplishments,fuel retailing remains our prime focus area,and we are determined t
62、o make concerted efforts to retain our market leadership,both through network expansion and enhanced throughput per pump.We have commissioned 2,521 fuel stations during 2021-22,taking the total tally to 34,559,including the Kisan Seva Kendra.In a bid called by the National Highway Authority of India
63、(NHAI)for wayside amenities(WSA),IndianOil secured 10 out of 20 sites in the strategic greenfield Delhi-Mumbai Expressway,reinforcing your Companys presence along major corridors.It is also heartening to share that we have kept our foot firmly on the digital accelerator to continuously deliver enhan
64、ced customer delight.One such shining example is the IndianOil XTRAREWARDS Google Pay retail collaboration that was launched in September 2021.This synergy has enabled us to enrol GPay customers in the fold of our loyalty programme and enhance brand loyalty of our retail customers.I am happy to shar
65、e that our teams have been at their innovative best while creating new benchmarks of excellence in this sector.Taking the vision forward,we have introduced differentiated diesel with green combo lubes that offer higher fuel efficiency with lower emissions.IndianOil has also begun trials of low-sulph
66、ur,low-aromatic kerosene with the Indian Army.We also commenced the dispatch of common winter-grade diesel from Leh and Kargil for the retail market.I am happy to share that our revamped storage depot and fuel stations at Kavaratti and Minicoy in Lakshadweep Islands were inaugurated in March 2022.In
67、dianOil is the sole fuel supplier in the islands which reaffirms the trust that the Government and people of India have reposed in the capabilities of IndianOil.Robust R&D The year was quite special for IndianOil R&D Centre,which celebrated its Golden Jubilee on March 10,2022.Throughout its 50 years
68、 journey,the Centre has set several benchmarks of innovation and excellence that have transformed IndianOils forays and the overall Indian energy landscape.True to this spirit,the R&D Golden Jubilee celebrations culminated in a grand finale on March 22,2022 at Vigyan Bhawan,where we launched the pat
69、hbreaking Surya Nutan solar cooktop.It was a reiteration of our business strategies being in complete alignment with the national priorities.The patented cooking solution is green,cost-efficient and can be a gamechanger for the benefit of the masses.IndianOil is a pioneer in petroleum pipelines in t
70、he country and manages one of the worlds largest energy pipeline networksIndianOils superbrand Indane,that has been igniting millions of kitchens across the nation,has completed 56 glorious yearsLaunch of 2Kg LPG cylinder,Munna by IndianOilIndianOils highest altitude bulk storage depot at KargilIndi
71、anOil Whole-time Directors at R&D Center,Faridabad during the Golden Jubilee CelebrationsMore importantly,we are ushering in a series of initiatives that infuse greater agility into our customer service.One such example is the Indane Tatkal Seva that was rolled out in January 2022 for our customers
72、to avail guaranteed LPG delivery within two hours of booking at a nominal fee.The facility has been launched in Hyderabad and will soon be extended across the country.Another addition to this bouquet is the Indane Family Mr Hardeep S Puri,Union Minister of Petroleum&Natural Gas and Housing&Urban Aff
73、airs,launching the indoor solar cooking stove Surya Nutan in the presence of Mr Rameswar Teli,Minister of State,Petroleum&Natural Gas,Labour and Employment and Mr S M Vaidya,Chairman IndianOilCorporate Overview Integrated Annual Report 2021-22High O C TA N E Pe r for m a n c eIndian Oil Corporation
74、Limited1011C h a i r m a n s Me s s a g ePower PartnersWe are also pursuing synergistic collaborations to explore new avenues of opportunities.The brightest of such partnerships is the Hindustan Urvarak and Rasayan Limited(HURL),where we have joined hands with other PSUs,namely,NTPC Ltd.,Coal India
75、Ltd.,The Fertilizer Corporation of India Ltd.,and Hindustan Fertilizer Corporation Ltd.,to develop three gas-based urea fertiliser plants at Gorakhpur,Barauni and Sindri.over our future but has started affecting our present.Green is the word driving the priorities of the energy sector worldwide.Indi
76、as green agenda,including achieving net zero emission target by 2070,continues to be an inspiring force as far as our future strategies are concerned.To meet the net-zero commitment,the Indian Government has announced the Green Hydrogen and Ammonia Policy to boost green hydrogen production to 5 MMT
77、by 2030 and make India an export hub for this clean fuel.As the Energy of India,your Company is committed to leveraging this policy support to power Indias march towards the new energy frontiers of tomorrow.Aligning with the national priority,IndianOil will be producing green hydrogen in stages at t
78、he Mathura and Panipat refineries.As a first step,we will be implementing a 5 KTA(40 MW)green hydrogen plant at Mathura Refinery and a 2 KTA(16 MW)plant at Panipat Refinery.To sync with the entire hydrogen value chain,IndianOil has forged crucial collaborations to develop green hydrogen production a
79、ssets,associated renewable assets and manufacture electrolysers.This will be a gamechanger as electrolysers contribute to approximately 30%of the overall cost of green hydrogen.Due to the policy interventions by the Government of India,we foresee strong momentum in the electrolysers market and renew
80、able power,with a commensurate decline in the cost of production of green hydrogen.Your Company is also exploring multiple hydrogen production pathways,including solar electrolysis,biomass gasification and bio-methanation.The hydrogen produced will be used for fuelling 15 fuel cell buses to establis
81、h the efficacy,efficiency and sustainability of the fuel cell technology and hydrogen production processes.In addition,we will commission a hydrogen dispensing station at the Gujarat Refinery to enlarge hydrogen-based mobility coverage.We have also sharpened our focus on bioenergy and renewables.Und
82、er the ambitious SATAT scheme on CBG(Compressed Biogas),IndianOil has awarded over 2,374 letters of intent(LOI)till July 2022,and is now marketing CBG from eighteen plants through thirty one fuel stations spread across nine states in the country.Let me also touch upon electric vehicles(EVs),which ma
83、y bring in a paradigm change in the mobility ecosystem across the globe.We target to provide EV charging stations(EVCS)at 10,000 fuel stations in the next three years.As a strategic initiative,your Company is pursuing the setting up of EVCS at public parking spaces at airports and tourist places.You
84、r Company is also exploring new technologies in the battery development sector.The joint venture(JV)of IndianOil and the Israeli technology company,Phinergy,has been working on the manufacture and commercialisation of aluminum-air technology in India.Taking this forward,a tripartite agreement was re
85、cently inked among IOC Phinergy Private Limited,(IOP),Hindalco Industries Limited,Indias leading aluminum producer,and Phinergy Ltd.for R&D and pilot production of aluminium plates for the batteries,and recycling of aluminium,after usage in these batteries.Greater Aspirations Greener AvenuesLet me r
86、eiterate that your Company is already the leading voice in the Indian energy sector,even in endeavours related to the immediate future.Our aggressive approach in the 11th round of the City Gas Distribution(CGD)bidding process reflected this resolve as we secured 9 high market potential geographical
87、areas(GAs)covering twenty six districts across the country.IndianOil,along with its JV companies,is now present in forty nine GAs.We are now poised to emerge as a dominant player in the Indian CGD market.These plants will augment domestic fertiliser production capacity by producing over 38 lakh Tonn
88、es of neem-coated urea per annum.In December 2021,the Gorakhpur plant was dedicated to the nation by the Honble Prime Minister.The other two plants at Barauni and Sindri are also in an advanced stage of completion.Cheering for GreenHi-Five to Hydrogen Green captures the essence of todays energy worl
89、d.The concerns over global warming,melting ice caps,shifting ocean currents and crop-destroying heat waves are far too real and palpable today,as compared to what was even a few years back.The environmental concern just no longer looms Prime Minister Mr Narendra Modi inaugurated the Hindustan Urvara
90、k&Rasayan Limited(HURL)Fertiliser Plant in Gorakhpur,Uttar PradeshIndianOil signed an agreement with Nepal Oil Corporation to build a H 275 crore petroleum product pipeline from Raxaul in Bihar to Amlekhgunj in NepalIndias first Fuel Cell Electric Vehicle launched by Mr Nitin Gadkari,Union Minister
91、for Road Transport and Highways,in the presence of Chairman,IndianOilIndanes solar powered bottling plant at Madanpur Khadar,New DelhiChairman,IndianOil riding Indias first hydrogen fuel cell powered bike at R&D Campus,FaridabadCorporate Overview Integrated Annual Report 2021-22High O C TA N E Pe r
92、for m a n c eIndian Oil Corporation Limited1213C h a i r m a n s Me s s a g eAs your Company continues to enhance the green quotient of its refineries,IndianOil has signed an agreement with NTPC Ltd.to form a joint venture company to meet the power requirements of upcoming projects at IndianOil s re
93、fineries.In another significant development,IndianOil and Praj Industries Ltd.signed a memorandum of understanding(MoU)on October 20,2021,to explore and collaborate on business opportunities in the biofuels arena,including CBG,Sustainable Aviation Fuel(SAF),Biodiesel,Ethanol,and so on,through the fo
94、rmation of a JV company in India.Nuturing NatureI must add that our environment and sustainability focus extends well beyond business-related endeavours.Due to reckless exploitation,excessive hunting and inadequate protection laws,the cheetah was driven to extinction in India over seven decades ago.
95、To reintroduce the cheetah to its natural habitat in India,IndianOil is collaborating with National Tiger Conservation Agency(NTCA)to undertake a historical project.This unique project involves transcontinental relocation(from South Africa and Namibia)of cheetahs to Kuno National Park in Madhya Prad
96、esh.Your Company is collaborating with NTCA to take this initiative forward.In line with this spirit,we launched the Rhino as our mascot that stands tall as IndianOils commitment to protecting Indias biodiversity.Lives Enriched Beyond BusinessCornerstone of CareAs a brand with one of the most extens
97、ive customer interfaces in India,corporate stewardship is not a business obligation,but a stepping-stone towards enduring excellence for your Company.Im reminded of the Dalai Lama who once said,“More compassionate mind,more sense of concern for others well-being,is source of happiness”.In the last t
98、hree years,we have supported projects covering areas such as skilling and education,health care,and,environment and sustainability.IndianOil has also been in the forefront as far as the initiatives of corporate India are concerned,and has been steering the Skill India revolution.We took a major leap
99、 as the permanent campus of IndianOil-run Skill Development Institute,Bhubaneswar,was inaugurated on August 20,2021.Speaking of healthcare,cancer care has been one of our key focus areas,and over the next 3 to 5 years,we will be contributing significantly to bolster Indias cancer care infrastructure
100、.Recently your Company aided the implementation of the Phase-2 expansion of Tata Medical Centre in Kolkata.In addition,we are planning to support the Indian Institute of Science(IISc),Bengaluru for their upcoming Medical Hospital&Research Centre,including setting up an oncology wing.Tuberculosis(TB)
101、continues to be one of Indias severest health challenges.Considering the national importance of this challenge,IndianOil has committed to support the National TB elimination Programme(NTEP)in each of the 75 districts of Uttar Pradesh and 23 districts of Punjab.The programmes key objective will be to
102、 screen and test the entire population of UP and Punjab every year for the next 3 years,to help India eradicate the disease by 2025.Strengthening SportsIndianOil has consistently walked the extra mile to revitalise Indias sporting landscape.You would recall that IndianOils remarkable sporting contri
103、butions were acknowledged at the highest level when your Company were bestowed with the Rashtriya Khel Protsahan Puraskar for 2021.It was an honour for me to accept the award from the Honble President of India at Rashtrapati Bhawan last November on behalf of your Company.IndianOil also received the
104、Sportstar Aces Award,2022 under the category of the Best PSU for the Promotion of Sports.Such accolades and recognitions strengthened our resolve to walk the extra mile to support Indian sporting excellence.Speaking of sporting excellence,IndianOil inducted 9 women hockey players into the IndianOil
105、family on International Womens Day,2022.This was a momentous occasion as IndianOil emerged as the first Indian corporate with a full-fledged Womens Hockey Team.IndianOil will also collaborate with the Ministry of Youth Affairs and Sports for a unique programme,IndianOil Shakti,to extend comprehensiv
106、e support to talented young girl athletes.More importantly,we have extended our focus on sports to reach out to the acutely disadvantaged sections of society.As the nation celebrated its 75th Independence Day on August 15,2021,IndianOil embarked on an extraordinary journey through a unique programme
107、,Parivartan Prison to Pride,for a radical social transformation through the powerful medium of sports.Under this scheme,the galaxy of IndianOil sportspersons teamed up with external coaches and encouraged prison inmates to cultivate their sporting interests.The campaign was an exemplary demonstratio
108、n of our core value of Care and has touched the lives of over 1,750 inmates from 37 prisons across the nation,till now.The journey has been deeply satisfying and has strengthened our commitment to power more such endeavours in the days ahead.Towards a Better Tomorrow for AllOur energy requirements i
109、n the coming years are bound to grow as there is a need to bridge the energy access deficit in the country equitably and efficiently.So,oil and gas will continue to be the mainstay of your Companys operations at least for the next two to three decades and our core business will continue to play a de
110、fining role in crafting your Companys destiny.Team IndianOil is determined to strengthen our grasp as market leaders by focusing on two essential factors,service quality and the width and depth of our product offerings.As I already mentioned,your Company is geared up for the inevitable energy transi
111、tion while dealing with fierce competition in our traditional business line.IndianOil is poised for a great future.We have everything going our way an energetic team,vast resources,R&D prowess,an operational and marketing network par excellence,and a strong financial position.At IndianOil,we have al
112、ways chosen values over profits and Nation over corporate gains.More importantly,our actions as a social enterprise speak louder than words in terms of our priorities that extend beyond the realm of business.Your Company is committed to carrying forward every business endeavour in a free,fair,and tr
113、ansparent manner.Let me emphasise that our core values of Care,Innovation,Passion and Trust will continue to guide us in the journey ahead.Once again,thank you for your unstinted support that has been your Companys greatest strength and an eternal source of inspiration to take IndianOil towards a mo
114、re prosperous future.We are committed to energising a nation and a world where happiness and peace thrive.As the great Nelson Mandela said,“What counts in life is not the mere fact that we have lived.It is what difference we have made to the lives of others that will determine the significance of th
115、e life we lead.”Stay healthy,stay safe!sd/-Shrikant Madhav VaidyaChairmanIndianOil adopted six one-horned Rhinos at the Assam State Zoo.The cheque being handed over by Chairman,IndianOilCare being one of IndianOils corporate core values,IndianOil continues to invest in healthcare,education,skilling
116、and uplifting communities through its CSR initiativesIndianOil announced Indias first Corporate Womens Hockey Team,a step towards encouraging sports in IndiaIndianOil always believes in inclusivity.In line with the same,Chairman,IndianOil,continues to encourage women RO attendants across the country
117、Corporate Overview Integrated Annual Report 2021-22High O C TA N E Pe r for m a n c eIndian Oil Corporation Limited1415C h a i r m a n s Me s s a g eStrong Governance in Letter and SpiritTransparency,integrity and accountability are the three principles that guide corporate governance at IndianOil.T
118、he governance system is intended to set high standards of ethical and responsible conduct of the Companys business to maximise value for all stakeholders,including shareholders,customers,employees,contractors,vendors,and society at large.It aims to strengthen the relationship of trust between Indian
119、Oil and its stakeholders and help the Company achieve its goals and objectives.IndianOils governance structures and processes are duly evolved and adapted from time to time to reflect emerging best practices.Whole-time Directors Shri Shrikant Madhav VaidyaChairmanDr S.S.V.RamakumarDirector(Research&
120、Development)Shri V.Satish KumarDirector(Marketing)w.e.f.28.10.2021Shri Sujoy ChoudhuryDirector(Planning&Business Development)w.e.f.23.02.2022Shri Ranjan Kumar MohapatraDirector(Human Resources)Shri D.S.NanawareDirector(Pipelines)w.e.f.28.12.2021Shri Sandeep Kumar GuptaDirector(Finance)Ms Sukla Mistr
121、yDirector(Refineries)w.e.f.07.02.2022Government Nominee DirectorIndependent Directors Ms Lata UsendiDr Dattatreya Rao Sirpurker w.e.f.24.11.2021Shri Krishnan Sadagopanw.e.f.24.11.2021Shri Dilip Gogoi Lalungw.e.f.24.11.2021Shri Prasenjit Biswas w.e.f.24.11.2021Dr(Prof)Ram Naresh Singhw.e.f.08.04.2022
122、Dr Ashutosh Pant w.e.f.24.11.2021Shri Sudipta Kumar Ray w.e.f.24.11.2021Dr Navneet Mohan KothariCorporate Overview Integrated Annual Report 2021-22High O C TA N E Pe r for m a n c eIndian Oil Corporation Limited1617S t r o n g G o v e r n a n c e i n L e t t e r a n d Sp i r itManaging Risks with Cl
123、ear ForesightOur operations are prone to both internal and external risks,which can substantially impact our ability to create value for the short,medium and long term.Our Enterprise Risk Management(ERM)policy and integrated assurance methodologies ensure that we have the right risk resilience mecha
124、nism.Our internal processes are strong enough to monitor and manage risks in a holistic manner,taking into cognisance the interests of all stakeholders.Our ERM framework is regularly reviewed in line with the changing risk landscape relevant to our business.Data on risk management is submitted by re
125、spective risk owners through internally designed ERM portal in order to enable all users to have access to data on real time basis.Risk assessment and categorisation (based on risk appetite)Regular review by risk owners to optimise risks with appropriate mitigation planRisk identification Risk Manag
126、ement Process Risk Management Framework Risk Management Compliance BoardUnit level CommitteesRisk Management CommitteeAudit CommitteeBoard of DirectorsRisk ChampionsChief Risk OfficerRisk OwnersIdentification and Mitigation of Key Risks Key risks Mitigation plan Market riskMaterial issues addressed
127、and capitals impactedThe year saw significant fluctuations in crude oil prices owing to pandemic-induced supply chain disruptions and geopolitical tensions.The latter also led to significant increase in inflation worldwide.The increasingly dynamic macro-economic environment might have an adverse imp
128、act on our operations and financial stability.Material topics addressed:Market volatility Economic performanceNotwithstanding the externalities beyond our control,we strive to focus on robust physical performance and efficiency to offset the impact of these risks.Diversified crude oil sources,low co
129、st domestic/foreign currency borrowings and all-round process innovations ensure that the economies are achieved.Capitals impacted:Financial Manufactured Key risks Mitigation plan Loss of Competitiveness riskMaterial issues addressed and capitals impactedWith increasing competitiveness across indust
130、ries we operate in,it is paramount for us to keep up with evolving consumer demand,optimise our costs and improve the overall efficiency of processes.Inability to achieve the same might result in loss of consumers confidence and have an adverse impact on revenue,profitability and brand value.Materia
131、l topics addressed:Product stewardship Customer satisfaction and brand loyalty At IndianOil,our zeal to explore new horizons of innovative excellence in our products and services is underpinned by our endeavour to be a future-ready organisation and retain market leadership.This also enables us to de
132、liver best-in-class services and offer one-of-its kind products to our customers.Additionally,our state-of-the-art R&D centre,which constantly innovates new products as per market trends,helps us to remain ahead of competition and build brand loyalty.Capitals impacted:Manufactured FinancialCorporate
133、 Overview Integrated Annual Report 2021-22High O C TA N E Pe r for m a n c eIndian Oil Corporation Limited1819M a n a g i n g R i s k s w it h C l e a r F o r e s i ght Key risks Mitigation plan Alternative Energy and Environment Conservation riskMaterial issues addressed and capitals impactedEnsuri
134、ng optimum utilisation of scarce resources,reducing environmental footprint and increasing consumption of renewable sources of energy has never been more important.Inability to reduce our environmental footprint,maintain emissions below the prescribed levels and invest in alternative source of energ
135、y,might have adverse impact on our reputation and might have financial implications in the form of fines and penalties.Material topics addressed:Climate change mitigation Product stewardship Managing environmental impactWe continue to make big strides towards reducing our environmental footprint.Our
136、 approach towards environmental stewardship encompasses measures and initiatives around emissions reduction,increased water and energy conservation,waste reduction and increased usage of renewable energy.We are also investing towards building presence in the green energy segment that empowers our cu
137、stomers to reduce their environmental footprint.Capitals impacted:Financial Social and Relationship Natural Key risks Mitigation plan Financial riskMaterial issues addressed and capitals impactedOur operations are exposed to the risks from foreign exchange rate fluctuations and interest rate as we h
138、ave a dominant presence in the international market as well.This might impact our financial position and our ability to create value for our stakeholders.Material topics addressed:Economic performance Market volatilityWe constantly assess the fluctuation in exchange and interest rates and based on p
139、otential of these risks being realised,appropriate hedging positions are being taken as per approved policy.We also continuously undertake cost control measures that empower us to ensure consistent growth in profitability despite headwinds.Capitals impacted:Financial Key risks Key risks Mitigation p
140、lan Mitigation plan Cyber Threats and IT Security riskHuman Resource riskMaterial issues addressed and capitals impactedMaterial issues addressed and capitals impactedWith the adoption of disruptive technologies and platforms,there lies a significant risk of cyber-attack.Loss of sensitive and privat
141、e data and information might have adverse impact on our reputation as well as our profitability.Our success depends on our ability to attract and retain key talent who can use their skills to create value for our consumers and make strategic changes that enable us to achieve our goals in todays high
142、ly competitive market.Additionally,ensuring their health,safety and well-being,and upgrading their skills with changing market dynamics have gained significant importance.Material topics addressed:Customer satisfaction and brand loyalty Security practicesMaterial topics addressed:Health and safety E
143、mployee practises Labour rights and retentions To ensure protection of sensitive and confidential information,we have implemented a defence-in-depth cyber security architecture.We also have a robust data privacy policy and all our data centres are ISO 27001:2013 certified.At IndianOil,the health,saf
144、ety and well-being of employees and contractual workers have always been a priority.All our refineries are certified to Occupational Health&Safety Management System(OHSMS/OHSAS018001),besides having fully equipped occupational health care centres.IndianOil is the first PSU to launch Project Happines
145、s and Well-being.Our vision is to Align our People and Talent Capability to Deliver Our Energy Promise to the Nation.Thus,we continue to organise various training and development programmes for new and existing employees,covering an array of topics including functional,behavioural and technical aspe
146、cts.We also leverage digital platforms to increase our employees productivity and efficiency.Most of our top executives have risen from within the ranks.This stands as a testimony to our ability to upskill our employees and provide them unlimited opportunity to grow and expand their professional as
147、well as personal life.Capitals impacted:Financial IntellectualCapitals impacted:Financial HumanCorporate Overview Integrated Annual Report 2021-22High O C TA N E Pe r for m a n c eIndian Oil Corporation Limited2021M a n a g i n g R i s k s w it h C l e a r F o r e s i ghtA Sustainable Model for Long
148、-term Value CreationFinancial CapitalH 1,31,286 crore EquityH 1,10,799 crore DebtManufactured Capital9 Refineries 15,000+Km Pipeline 58,000+Marketing touch pointsHuman Capital31000+Employees8.7%Female EmployeesH 116.18 crore Spend towards training and developmentIntellectual CapitalH 577 crore R&D S
149、pend448 Total team size at R&D centreSocial&Relationship CapitalH 298.29 crore Spent towards CSR activities493 CSR projectsNatural Capital98.68 billion litres Water consumedH 708.5 crore Invested on development of alternative source of energy314 Trillion BTUTotal energy consumedECONOMICENVIRONMENTSO
150、CIALInputExploration&ProductionOur FocusPassionTrustCareInnovationCustomersTechnologyPeopleInnovationEnvironmentEthicsOur ValuesOur ProcessCrude OilMid-Level StoragesIntegrated Refinery&Petrochemicals ComplexesLiquefied Natural GasNatural Gas Re-Gasification TerminalAlternative EnergyOur attractive
151、growth trajectory since inception and sustained contribution to the progress of the nation bear testimony to the strength of our business model.As one of Indias biggest commercial enterprises,we continue to evolve our value creation framework in response to the changing expectations of all stakehold
152、ers.Aviation Fuelling StationsLube Blending PlantsFinancial CapitalH 24,184 crore PATH 47,568 crore EBITDAManufactured Capital67.67 MMT Refineries throughput83.25 MMT of throughput achieved by pipelines86.41 MMT Product salesHuman Capital7,79,229 hours Training providedH 23.30 crore Revenue per empl
153、oyeeIntellectual Capital1,519 Patents filed1,410 Effective patentsSocial&Relationship Capital 48%Dividend payout ratio77.46 lakh People benefited from our CSR activitiesH 2,64,436 crore Contributed to exchequerNatural Capital3.36 MMT CO2-eq Avoidance of GHG emissions104.1 Energy Intensity Index43.57
154、 billion litres Waste water recycled439 MT Waste paper recycledOutcomes SDGsOutputsProduct Storage,Blending and Distribution InfrastructureFuels for Large ConsumersAviationEfficient,high-end fuels and lubricantsDefenceShippingRailProduct retailingAutomated fuel stationsPetrolDieselBlended fuelsCNGCB
155、GElectricChargingFacilityBio-energy237.42 MW Renewable energy portfolioCommenced sale of CBG under the SATAT scheme from fuel stations at Pune and Kolhapur under the brand name“IndiGreen”in Sept 2019Wind energy167.6 MW of wind-power capacitySolar energy69.82 MW of solar photo-voltaiccapacityNatural
156、Gas to Bulk ConsumersCity gas distribution networks Ensuring consistent growth in revenue and profitability Ensuring healthy dividend payout Maintaining healthy balance sheet and liquidity position Investing towards growth and expansion Increase in overall efficiency of processes Improving our throu
157、ghput and quality of products and services Investing towards upgrading to state-of-the-art technologies Building strong brand value and recall Increasing our investment towards R&D Preparing Corporation for future by using the Power of Possibilities Reducing our environmental footprint Ensuring reso
158、urce optimisation and waste reduction Reduce our carbon emission Building a safe,diverse and inclusive work environment Investing towards training and development of employees in line with changing market dynamics Ensuring mental as well as physical well-being of employees Building mutually benefici
159、al and long-standing relationship with stakeholders Working towards improving the quality of life of people residing in the communities in which we operateOil Depots and TerminalsLPG Bottling PlantsCorporate Overview Integrated Annual Report 2021-22High O C TA N E Pe r for m a n c eIndian Oil Corpor
160、ation Limited2223A S u s t a i n a b l e M o d e l f o r L o n g-t e r m Valu e C r e at i o nWide-ranging Interactions with all Stakeholders Stakeholders are key to our success and value creation strategy.We have always been deeply engaged with our growing stakeholder fraternity in order to underst
161、and their aspirations and concerns and align our strategies accordingly.Effective and continuous communication with stakeholders helps us build trust and deliver positive outcomes.Investors Value we createWe strive to provide sustainable return on investments to the providers of financial capital th
162、rough dividend payment,share price appreciation,capital and interest payment.We also ensure proper disclosure of sustainability KPIs,and financial and non-financial factors that provide valuable information to investors.Needs and expectations Long-term and sustainable return on investments Constant
163、growth in revenue and profitability Optimum debt-equity ratio Transparent and proper disclosure of strategy,value creation philosophy and resource managementMode of engagement Public disclosures on website and stock exchanges Annual General Meeting Press briefing Social mediaThe investors community
164、provides us access to equity and debt funds.They also drive demand for our shares,strengthening our market capitalisation.CustomersEmployees and Contractual WorkersValue we createWe constantly create value for our customers through continuous supply of petroleum products and cater to market aspirati
165、on by continuously offering novel products and services.We ensure continuous and steady supply of services at fuel stations and timely redressal of complaints.We also provide timely and doorstep service to our B2B clients.Value we createAt IndianOil,we recognise our role as a responsible employer to
166、 provide a diverse,inclusive and rewarding working environment.We organise various training and development programmes for new and existing employees,while encouraging internal hiring and promotions.Needs and expectations Superior quality,reliable and affordable products and services Value-added pro
167、ducts and services Timely resolution of queries and complaints Responsive communication on relevant programmes and servicesNeeds and expectations Fair and timely remuneration Reward,recognition and appreciation for performance Diverse,open,non-discriminatory and safe working environment Job security
168、 Opportunities to grow within the CompanyMode of engagement Advertisements Corporate website Mobile App(IndianOil ONE)Customer satisfaction survey Safety Clinics Customer care/grievance portal Social mediaMode of engagement Annual employee satisfaction survey Grievance redressal/HR portal Electronic
169、 communications Conclaves,workshops,seminars and training programmesServing our customers is a primary concern that drives our brand.Their evolving demand for our products and services enables us to generate healthy revenues.Our employees possess the required skills and expertise for core operations
170、 and supporting business processes.They are our growth enablers,ensuring sustainable performance and value creation.Corporate Overview Integrated Annual Report 2021-22High O C TA N E Pe r for m a n c eIndian Oil Corporation Limited2425Wi d e-r a n g i n g I n t e r a c t i o n s w it h all S t a k e
171、 h o l d e r sGovernment and Regulatory BodiesValue we createWe contribute towards the countrys economic growth through payment of taxes,licence fees and investment in infrastructure development.We also align our activities with government initiatives such as Make in India and Aatmanirbhar Bharat.Ro
172、bust engagements with government and regulatory bodies enable us to participate in national and international policy formulations and contribute towards the establishment of regulatory frameworks.Needs and expectations Timely and transparent disclosure Compliance with rules Fair competition in the m
173、arket Ensuring quality and affordable products and services Contribution towards national economic growthMode of engagement Official meetings/MoU reviews Monthly/periodic project updates Electronic communications Public disclosures Conclaves,seminars and events Inspection,audits and compliance repor
174、ts Public disclosures on financial/ESG performanceBusiness PartnersValue we createWe support our business partners in reducing their carbon footprint through automation and green energy solutions.We also support local employment through engagement with local contractors.Further,we undertake services
175、 from our business partners at fair terms,allowing individual businesses to grow and expand.Needs and expectations Timely payments Adherence to laws and regulations Ethical and transparent code of conduct Quality productsMode of engagement Annual dealer and distributor conventions Transporters meet
176、Meetings with contractors/vendors Seminars and workshopsGovernment and Regulatory Bodies formulate laws and regulations that we must comply with,while conducting our daily activities.We have strong relationship with our business partners which enables us to ensure supply of superior quality products
177、 and services to our customers.They underpin our value chain and directly influence our ability to ensure timely supply of products and services.They also influence our ability to meet the needs and expectations of our customers.Communities and SocietyValue we createAt IndianOil,we are committed to
178、generating economic value that uplifts the community by addressing its needs and challenges.We constantly work towards minimising our environmental footprint and generating sustainable profit.Through our CSR intervention,we focus on providing safe drinking water and protection of water resources,hea
179、lthcare and sanitation,education and employment enhancing vocational skills,rural development,environmental sustainability and empowerment of women and socially/economically backward groups.Needs and expectations Employment creation and business opportunity Financial support Reduction of adverse env
180、ironmental impactMode of engagement Need assessment surveys CSR activities Grievance redressal forumsCommunities form an integral part of our social existence and we have a responsibility to contribute to the socio-economic needs of the communities where we operate.Corporate Overview Integrated Annu
181、al Report 2021-22High O C TA N E Pe r for m a n c eIndian Oil Corporation Limited2627Wi d e-r a n g i n g I n t e r a c t i o n s w it h all S t a k e h o l d e r sMateriality Assessment Appropriate assessment of material issues is critical to ensuring long-term value creation for all stakeholders i
182、n a dynamic operating environment.At IndianOil,we had undertaken a materiality assessment during 2020-21 to identify economic,social,environmental and governance matters that present material risks,while simultaneously taking cognisance of our external operating context and those issues which are of
183、 particular concern to stakeholders.We align our identification of material sustainability topics with the GRI standards,UN Global Compact,as well as considering information relating to the energy sector,our regulatory requirements and matters raised during engagements with our people and our extern
184、al stakeholders.Our Approach Analysis of key trends in oil and gas spacePeer benchmarking of material topicsAnalysis of key risks and opportunitiesFeedback and validation from stakeholdersEconomicEnvironment Social Governance Key material topics identified 0EconomicMarket volatilitySupply
185、 chain managementEconomic performanceGovernance Compliance and governanceBusiness ethics and accountabilityEnvironmentClimate change mitigationProduct stewardshipManaging environmental impactSocial Health and safetyLabour rights and retentionsCustomer satisfaction and brand loyalty Community develop
186、mentEmployee practices Security practices0103Corporate Overview Integrated Annual Report 2021-22High O C TA N E Pe r for m a n c eIndian Oil Corporation Limited2829M at e r i al it y A s s e s s m e n tSupporting the SDGsSDG 3 Ensure safety of workforce with a well-defined safety management system a
187、nd defined roles and responsibilities.SDG 6Strive to optimise water consumption across locations with several water conservation initiativesSDG 8As a Maharatna PSU,we have contributed over last six decades towards the economic growth of India,generating several employment opportunities and promoting
188、 multiple businessesSDG 9Continuous investments in technological upgradation of our refineries and pipelines backed by our robust R&D team for development of fuels and petroleum productsSDG 7Apart from spearheading the Pradhan Mantri Ujjawala Yojana(PMUY)and Sustainable Alternative Towards Affordabl
189、e Transportation(SATAT)scheme,we are diversifying our product portfolio with introduction of clean energy productsIndianOil is working towards identifying solutions to the social and environmental challenges and create an inclusive,peaceful,and prosperous world for all.We are proud to make steady pr
190、ogress towards the SDG goals,touching all seventeen goals directly or indirectly,through our day-to-day operations,community development,and initiatives to protect the environment.However we focus on 10 SGDs where we can create maximum impact.SDG 12 Complying with various regulatory norms and promot
191、ing sustainability initiatives across our supply chain.We are moving towards a circular economy through our efforts in developing bio-energy from waste,plastic recycling and promoting indigenous purchasesSDG 15 Continue to develop greenbelt/eco-parks across our operating locations for conservation o
192、f flora and fauna,while also planting trees to restore ecosystemsSDG 17Partnering with NGOs,academic institutions,industry bodies and several business partners in our endeavour to create a positive impact on lives we touch.SDG 13 Reducing emissions from our operations through energy efficiency measu
193、res and through use of greener fuels like natural gas and renewable energy.We are reducing emissions from our products through innovative products and green offerings like CBG and Natural Gas.SDG 16Committed to highest standards of accountability and integrity within our operationsCorporate Overview
194、 Integrated Annual Report 2021-22High O C TA N E Pe r for m a n c eIndian Oil Corporation Limited3031S up p o r t i n g t h e S D G sIndianOil strives to maximise returns on its financial resources and investments,with critical evaluation of risks involved in our operating scenario.Our financial per
195、formance in 2021-22 demonstrates the robustness of our business model,along with various short-term and medium-term strategies adopted in view of the shifting dynamics of the energy market.Despite challenges posed by the pandemic and geopolitical conflicts,we have been able to notch up the highest e
196、ver revenue and net profit,a high-octane performance.41%YoY growth in revenue from operationsH 26.34 EPS15.44%RoCE99%Growth in GRMH 47,568 crore EBITDAMaterial issues addressedMarket VolatilitySustainable Supply ChainEconomic PerformanceFINANCIAL CAPITALSDGs covered Our Inputs During the year,we con
197、tinued to maintain an optimum debt to equity ratio of 0.84:1.We continue to adopt lean financial measures across operations to maintain liquidity with minimum stress on the balance sheet.Wealth Creation Our consistent growth in revenue and profitability has enabled us to create superior and consiste
198、nt value for our shareholders year-after-year.During 2021-22,the EPS registered a growth of 11%from H 23.78 per share in previous year to H 26.34 per share.We declared a total dividend of H 11,568 crore(including interim dividend of H 8,263 crore)for the year.We also issued bonus equity shares in th
199、e ratio of one equity share of H 10 each for every two equity shares of H 10 each held.Robust Outcomes With the revival of demand,we geared our operations to address the rising energy needs of India.During the year,we reported highest ever revenue and net profit which stood at H 7,28,460 crore and H
200、 24,184 crore respectively.We continue to maintain healthy balance sheet and robust liquidity position on the back of our prudent capital allocation strategy.Our long-term credit rating from CRISIL AAA/Stable stands as a testimony to our dominant position in the oil refining and marketing sector,and
201、 our strong operating efficiency.During the year,we continued to maintain comfortable liquidity position.We also have access to bank lines and overdraft facilities to maintain sustainable cash flow.EBITDA (H in crore)2020-2147,568 42,614 2021-22Revenue from operations(H in crore)2020-217,28,460 5,14
202、,890 2021-22Long-term borrowing (H in crore)2020-2150,58048,9662021-22Equity share capital(H in crore)2020-219,1819,1812021-22Market capitalisation (H in crore as on March 31)2020-211,11,981 86,469 2021-22PAT(H in crore)2020-2124,184 21,836 2021-22Dividend pay-out (in%)-22EPS (in H)20
203、20-2126.3423.782021-22Operating cash flow (H in crore)2020-2121,17748,7842021-22Corporate Overview 3233Fi n a n c i al C ap it alIntegrated Annual Report 2021-22High O C TA N E Pe r for m a n c eIndian Oil Corporation LimitedKey Ratios Achieved Value Created and Distributed to Stakeholders J 99,105
204、croreDirect value generatedK 10,992 croreEmployee benefitK 14,469 croreInterest/Dividend to providers of capitalK 7,549 croreIncome Tax to Government K 323 croreCommunity investments K 40,222 croreOperational cost K 25,550 crore Retained in businessReturn on Average Net Worth(in%)2020-2122.5923.2420
205、21-22Return on Assets (in%)2020-216.236.542021-22Debt-Equity Ratio 2020-210.84:10.85:12021-22Return on Average Capital Employed(in%)2020-2115.4415.202021-22Corporate Overview Integrated Annual Report 2021-22High O C TA N E Pe r for m a n c eIndian Oil Corporation Limited3435Fi n a n c i al C ap it a
206、lMap not to scale(as on March 31,2022)Crude Oil Pipeline(Existing)Crude Oil Pipeline(Ongoing)Product Pipeline(Existing)Product Pipeline(Ongoing)Gas Pipeline(Existing)Gas Pipeline(Ongoing)LPG Pipeline(Existing)LPG Pipeline(Ongoing)Single Point MooringIndianOil RefineriesGas TerminalResearch and Devel
207、opment CentreLEGENDREFINERY (LOCATION)CAPACITY IN MMTPA(as on 31st March,2022)Digboi0.65Guwahati1.00Barauni6.00Gujarat(Koyali)13.70Haldia8.00Bongaigaon2.70Mathura8.00Panipat15.00Paradip15.00CPCL(Subsidiary)RefineryManali,Chennai10.50Total80.55Details of Group RefineriesS.NO.PIPELINELENGTH(KM)CAPACIT
208、Y(MMTPA)Product Pipelines(as on March 31,2022)1Koyali Ahmedabad Pipeline791.102Koyali Sanganer Pipeline with extension upto Panipat via JPNPL16445.003Koyali Dahej Pipeline1972.604Koyali Ratlam Pipeline2652.005Barauni Kanpur Pipeline and branch line to Motihari,Baitalpur and Amlekhgunj12273.506Haldia
209、 Mourigram Rajbandh Pipeline2771.357Haldia Barauni Pipeline5261.258Guwahati Siliguri Pipeline4351.409Panipat Bhatinda Pipeline 2193.0010Panipat Rewari Pipeline1552.1011Panipat Ambala Jalandhar Pipeline and branch line to Una 4953.5012Panipat Delhi Pipeline1893.0013Panipat Bijwasan ATF line 11114Math
210、ura Delhi Pipeline1473.7015Mathura Tundla Pipeline561.2016Mathura Bharatpur Pipeline2117Chennai Trichy Madurai Pipeline6832.3018Chennai Bengaluru Pipeline 2902.4519Paradip Raipur Ranchi Pipeline10735.0020Chennai Meenambakkam ATF Pipeline950.1821Devangonthi Devanhalli Pipeline360.6622Kolkata ATF Pipe
211、line270.20Total(Product pipelines excluding LPG)824745.49Details of Pipelines NetworkDetails of Pipelines Network(Contd.)S.NO.PIPELINELENGTH(KM)CAPACITY(MMTPA)LPG Pipelines1Panipat Jalandhar LPG Pipeline2800.72Paradip Haldia Durgapur LPG Pipeline and extension to Banka 8731.27Total(LPG Pipelines)115
212、31.97Crude Oil Pipelines1Salaya Mathura Pipeline2660252Mundra Panipat Pipeline11948.43Paradip Haldia Barauni Pipelines144715.2Total(Crude Oil Pipelines)530148.6Total Existing(Product+LPG+Crude Oil Pipelines)1470196.06Gas Pipelines1Dadri-Panipat Gas Pipeline1419.52Ennore-Tuticorin-Bengaluru Gas Pipel
213、ine16513.093Dahej-Koyali RLNG Pipeline1065.23Total Existing(Gas Pipelines)41227.82Capacity(MMSCMD)Map not to scale(as on March 31,2022)At IndianOil,our robust performance is the outcome of our strong commitment to fulfil Indias energy needs responsibly and our presence in the entire value chain of t
214、he hydrocarbon industry.Our manufactured capital comprises best-in-class,diverse assets and an integrated operating model that enables us to deliver sustainable and consistent performance,despite volatility in the operating environment.9 RefineriesMANUFACTURED CAPITALSDGs covered Security PracticesC
215、ompliance and Governance Sustainable Supply Chain15,000+Km Pipeline58,000+Marketing touch points01Refining96.6%Capacity utilisation70.05 MMTPA Refining capacityHighlights for the year Successful development of BS-VI complaint Diesel High Pour Point(DHPP)product for military usage,suitable for extrem
216、e cold weather such as Leh-Ladakh.Reused 60%of the high-value regenerated spent catalyst at Barauni Refinery PrimeG unit for the first time,resulting in cost savings of H 23.97 crore over the next three years.138 new energy schemes have been identified at Guwahati,Mathura,Paradip,Panipat,Barauni and
217、 Haldia refineries,under Mandatory Energy Audit(MEA),that have energy saving potential of around 207,906 SRFT/year.First consignment of PROPEL Polymers was dispatched to our subsidiary in Sri Lanka in line with our plan to establish PROPEL brand in the neighbouring countries.Seven new crude oil grad
218、es were included in our basket increasing its size to 210 crude variants.Road aheadWith increasing demand for petroleum products,we are constantly investing towards expanding our capacities.We are planning to expand the refining capacity to 107 MMTPA by 2025 with capacity expansion under implementat
219、ion at Guwahati,Barauni,Gujarat,Panipat,Digboi and Cauvery Basin(CPCL)refineries.With a share of approximately 28%of Indias refining capacity,IndianOil has been fuelling the Government of Indias vision of achieving self-reliance in oil refining and marketing.We have nine refineries strategically pla
220、ced across the country,catering to the growing energy requirements of the country.Operating the largest number of refineries in India Ability to commission several grassroot refineries and modern process units Strong technological backbone Vast industry experience and expertise Strategic advantages
221、67.67 MMT Refineries throughput Material issues addressedCorporate Overview 3637M a n u f a c t u r e d C ap it alIndian Oil Corporation LimitedIntegrated Annual Report 2021-22High O C TA N E Pe r for m a n c eAs the second biggest player in Indias petrochemicals market,IndianOil is working towards
222、siezing the high growth opportunities that this market presents.Our full range of petrochemical products under the brand PROPEL,serve everyday needs of our customers.Road aheadGoing forward,we have planned to invest H 35,000 crore towards projects that will utilise product streams from our existing
223、refineries,thereby achieving better exploitation of the hydrocarbon value chain.PX-PTA and Ethylene Glycol projects at Paradip and Oxo Alcohol project at Gujarat are three major petrochemical projects under execution.Ethylene Glycol project is scheduled for commissioning in 2022-23.Market share of t
224、he products in India3,200 KTA Current petrochemicals production capacity15%Polymers10%Mono Ethylene Glycol(MEG)1 MMT Milestone of 1 MMT polypropylene sale crossed6%Purified Terephthalic Acid(PTA)2.92 MMT Highest ever annual petrochemical sales17%Linear Alkyl Benzene(LAB)1.75 MMT Highest ever Polymer
225、 salesHighlights for the year Poly Propylene Random Copolymer,high melt reactor grade 2300 MC,was launched on PROPEL for usage in household bottles and containers.Initiated export of Polymer to Sri Lanka and Turkey 22 OEM approvals received including Tata Steel,Amara Raja Batteries and Reckitt Benck
226、iser.02Petrochemicals Adoption of best-in-class technologies Robust supply chain and distribution network Best-in-class quality standards Strong brand name and recall Robust R&D capabilities Strategic advantages Managing one of the worlds largest petroleum pipeline networks,IndianOil ensures safe,co
227、st-effective,energy-efficient and environment-friendly transportation of crude oil and petroleum products.Road aheadWe are implementing three major projects including new grassroot refinery at Nagapattinam(Tamil Nadu),capacity augmentation of Koyali Refinery(Gujarat)from 13.7 MMTPA to 18 MMTPA(J-18)
228、,Barauni Refinery(Bihar)from 6 MMTPA to 9 MMTPA(BR-9)capacity augmentation of Panipat Refinery(Haryana)from 15 MMTPA to 25 MMTPA(P-25).These three projects would guide the other project activities that will be implemented in the Pipelines Division in near future,to cater to the rise in requirement o
229、f crude oil and for evacuation of petroleum products arising out of implementation of these major projects to demand centres.83.25 MMT of liquid throughput achieved in 2021-2215,113 km Total network of pipelines96.06 MMTPA Capacity of crude oil and product pipelines27.82 MMSCMD Capacity of gas pipel
230、ineHighlights for the year Crude oil pipelines achieved throughput of 48.53 MMT which is around 10%higher than last year.Product pipelines achieved throughput of 34.72 MMT,which is around 9%higher than that of last year.Gas pipelines achieved highest ever throughput of 2,985 MMSCM,which is around 11
231、%higher than that of last year.Launch of indigenously developed Drag Reducing Additive(DRA)-XTRAFLO,for usage in pipelines.Investment approval for projects worth H 17,703 crore-New Mundra Panipat Crude Oil pipeline,pipelines connecting Kamarajar Port,Vallur Terminal and CPCL at Chennai and CGD proje
232、cts in 9 geographical areas(GAs).Tenders for optical fibre-based Pipeline Intrusion Detection and Warning System(PIDWS)were floated in January and March,2022.This system would help detect,alert and prevent any third-party intrusion in the mainline ROW of underground petroleum pipelines.These are by
233、far the largest tender for PIDWS ever floated in India.03Pipelines Our infrastructure ensures most reliable and safest mode of transportation of high volumes of petroleum products over long distances compared to other modes such as rail,road and tankers.Ensures uninterrupted supply of petroleum prod
234、ucts in all weather conditions Energy efficient mode of transportation with negligible transit losses Minimal impact on environment due to lesser carbon emissionStrategic advantages Product Application&Development Centre,PanipatCorporate Overview Integrated Annual Report 2021-22High O C TA N E Pe r
235、for m a n c eIndian Oil Corporation Limited3839M a n u f a c t u r e d C ap it al04Natural GasIndianOil is the second biggest player in the RLNG market in India and is strenghtening its position across the natural gas value chain by scaling up LNG sourcing,strengthening import terminals,pipelines an
236、d city gas distribution networks and providing LNG at the doorstep service to customers.Road aheadFor the next year,Gas-in at CGS/LNG hub for five geographical areas namely Morena,Bhagalpur,Deoghar,hub of Salem and hub of Visakhapatnam is proposed.Further,120 CNG stations are expected to be mechanic
237、ally completed by March 2023.Over the next five years,IndianOil envisages growth up to 18-20 MMTPA by connecting the north-eastern refineries through Northeast Gas Grid,expansion at Ennore and development of CGD infrastructure at geographical areas,thus striving to capture nearly 40%market share in
238、the RLNG segment.Highlights for the year Successful development and launch of Mobile app INDIANOIL PNG for PNG customers on Google play and Apple iOS store.CNG sales registered a sustained growth over previous year and is in the range of 26,000 Kg/day(35,000 SCMD).Purchased domestic natural gas for
239、the first time by bidding in an e-auction conducted by the Consortium of Reliance Industries Limited and BP Exploration(Alpha)Ltd.for sale from the KG D6 Gas fields.Procured 30 LNG cargoes equivalent to 1.94 MMT.Commissioned Dahej-Koyali natural gas pipeline in March,2022 which is the first dedicate
240、d pipeline of IndianOil.Acquired 4.93%of equity in the Indian Gas Exchange Limited and also became its Proprietary member.2,985 MMSCM Throughput achieved in 2021-221,100+Km Gas pipeline network20 Auto-LNG dispensing stations being set up Robust infrastructure Capability to steadily step-up investmen
241、ts and expand its operations Long-standing relationships with value chain partners Strategic advantagesIndianOil has been undertaking exploration and production activities both within and outside the country in collaboration with consortium partners to enhance our upstream integration.9 Domestic ups
242、tream blocks11 Overseas upstream blocksHighlights for the year Registered 9.8%YoY growth in production,which stood at 4.26 MMtoe In our first overseas operatorship asset,Block-1,Abu Dhabi,appraisal well testing established an encouraging hydrocarbon flow of close to 4 thousand barrels per day We are
243、 holding Participating Interest(PI)ranging from 20%up to 100%in 9 domestic and eleven overseas oil&gas assets in partnership with various domestic and international companies.Road aheadWe are constantly eyeing for opportunities to further strengthen our market standing in the segment.We plan to expa
244、nd our upstream footprint to 10%upstream integration with the production share of 11 MMTPA by 2030.05Exploration and Production Strong financials Presence across the value chain Strong relationships with domestic and international partnersStrategic advantages Ongoing operations at well no.BR-51 in t
245、he Coal Bed Methene(CBM)Block,JharkhandCorporate Overview Integrated Annual Report 2021-22High O C TA N E Pe r for m a n c eIndian Oil Corporation Limited4041M a n u f a c t u r e d C ap it al06MarketingIndianOil addresses the energy needs of millions of people daily through its vast network of fuel
246、 stations,bulk storage terminals,inland depots,aviation fuel stations,LPG bottling plants and lube blending plants.For decades,the Company is living up to the commitment of uninterrupted supply of petroleum products to every part of the country.Highlights for the year We maintained our market leader
247、ship position with a total 40.8%market share in India.To expand our customer base,we launched FuelCall a platform through which customers can get diesel delivered at their doorsteps.We have solarised 1,166 outlets,as a part of our endeavour to increase the consumption of green energy in our retail n
248、etwork.All segments of LPG including Domestic,NDNE,Bulk and Auto registered positive growth during 2021-22.We,along with Total Energies,France,have started the production and distribution of value-added bituminous products from our Institutional Business facilities in Jodhpur,Chennai and Kolkata.We
249、commissioned grassroot POL Depot at Guntakal(Andhra Pradesh)and Railhead Depot at Cachar Valley,Moinarbond and Silchar(Assam).Mechanical completion achieved in brownfield projects for POL terminal at Ratlam(Madhya Pradesh),Manmad(Maharashtra)and Ahmednagar(Maharashtra)and grassroot projects at Motih
250、ari(Bihar)and Asanur(Tamil Nadu).Mechanical completion achieved for LPG Import Terminal at Paradip(Odisha),additional tankage at LPG Bottling Plant Bikaner(Rajasthan)and Lucknow(Uttar Pradesh).Commissioning of Greenfield Bottling plant at Agartala(Tripura),Korba(Chhattisgarh),Jabalpur(Madhya Pradesh
251、)and Gwalior(Madhya Pradesh)and additional tankage at Raninagar(West Bengal).Strong brand value and recall Integrated player with presence across the value chain Superior customer support and service Automated procedure to enhance quality and quantity Optimised operations and logistics smart termina
252、ls Strategic advantages Road aheadWith a strong push towards E-vehicle and adoption of cleaner fuels,we are continuously investing towards building EV charging stations across the country.Moreover,to ensure the uninterrupted supply of products,we are focusing on increasing our distribution network a
253、s well as expanding our client base.We are also harnessing the power of new and innovative technologies to automate our processes to improve our overall efficiency and reduce cost.In our non-fuel business,the focus will be on expanding the range of products offered to customers to include FMCG and h
254、ome care products and services also.We are also planning to develop bio-fuel facilities in line with functional requirements.120 Terminals and depots126 Aviation fuel station34,559 Retail outlets(including KSKs)101 LPG bottling plants/terminals12,813 LPG distributors1,488 CNG stations in India10 Lub
255、e blending plants in India6,993 Consumer pumps10,723 LPG bottling capacity(TMTPA)2,179 EV charging stations(including 34 Battery Swapping Stations)Corporate Overview Integrated Annual Report 2021-22High O C TA N E Pe r for m a n c eIndian Oil Corporation Limited4243M a n u f a c t u r e d C ap it al
256、SDGs Covered As a diversified,integrated energy major,IndianOils world of high-octane operations is driven by best-of-breed technologies and cutting-edge innovation.The intellectual capital that we have nurtured and developed for years resides at the core of our strategy and operational excellence.O
257、ur approach is to leverage our intellectual assets and steadily enhance and enrich our smart energy solutions.1,519 Patents filed till March,2022448 Total R&D team sizeH 577 crore#Spent on R&D#Includes Capital and Revenue expenditure.In addition there is an increase of H 226 crore in Capital advance
258、INTELLECTUAL CAPITALClimate Change MitigationEconomic PerformanceProduct StewardshipMaterial issues addressedR&D Centre at Faridabad,HaryanaOur R&D Centre serves as the bedrock of our strategy and future growth prospects.The year under review has been a year of many achievements.The relentless pursu
259、it of innovation,countless hours of lab work and unstinted faith in the power of possibilities have driven our growth.Despite the challenges posed by the pandemic,we crossed a huge milestone 225 patents,the highest number of patents filed in a year in IndianOils history,out of which 155 were granted
260、.As on March 31,2022,we have a portfolio of 1,519 patents with 1,410 effective patents,double as compared to 2017-18.Our R&D focus continues to revolve around our core areas of expertise which include fuels and lubricants,refining technologies and catalysts,petrochemical and polymers.We are also div
261、ersifying into emerging sectors such as nano technology,solar,bioenergy,hydrogen,fuel cell,and energy storage.Our aim is to develop cost-effective,environmentally and socially responsible technology solutions.With the Government of Indias thrust towards Make in India and Aatmanirbhar Bharat,we have
262、been developing technologies and solutions across multiple target segments,especially in competitive and licensor-controlled areas dominated by MNCs.We are also diversifying into emerging sectors such as nano technology,solar,bio-energy,hydrogen,fuel cell,and energy storage.Indian Oil Corporation Li
263、mited44High O C TA N E Pe r for m a n c eIntegrated Annual Report 2021-22Corporate Overview I n t e ll e c t u al C ap it al45Highlights for the year Successfully commercialised XTRAFLO indigenous Drag Reducing Additives(DRA)technology,resulting in significant cost savings.The performance of in-hous
264、e developed DRA in crude as well as product found at par with commercial products.A new genre of Mixed Metal Oxide isomerisation catalyst developed in collaboration with M/s Viridis Chemicals and planned for demonstration at Bongaigaon Refinery in 2023.A high temperature oxidation stability test dev
265、eloped to assess oxidation stability of engine oils of API SM,SN and CJ-4 performance levels at elevated operating temperatures.Developed eco-friendly engine oils such as SERVO Greenmile 5W-30 for passenger cars and SERVO Raftaar 15W-40 for commercial vehicle segment,with distinguished friction and
266、oxidation properties in BS-VI vehicles.Successfully completed performance guarantee test runs for 1.2 MMTPA grassroot indeDiesel unit at Haldia Refinery for BS-VI Diesel and 35 KTA grass-root INDAdeptG unit at Guwahati refinery for BS VI gasoline production.Supported the countrys Defence forces by d
267、eveloping and producing Winter grade BS-VI diesel at Panipat Refinery meeting IS1460-17 and Army Grade DHPP(Winter Grade)specifications.Developed an in-house 28-inch inline inspection tool(IPIG)based on Magnetic Flux Leakage(MFL)technology for our Pipelines Division.Developed and launched IndianOil
268、XTRAGUARD-surface disinfectant spray with silver nano particles dispersed in Hydrogel.The patented product is a first-of-its-kind nano-based healthcare product.With the endeavour to develop long life,energy efficient lubricants and greases that addresses customers needs as well as serves as an impor
269、t substitution,135 lubricant formulations were issued and approvals from 68 major global OEMs was obtained.Servo Pride XL Plus 5W-40 is cleared for K9 Vajra high altitude application(Artillery Guns Engine ATU and Final Drive Units)and Servosynco E46 got approval by the Ordnance factory,Medak(Telanga
270、na)in Ingersoll Rand Make compressor in hull machine shop.Green Innovation Alongside of working towards reducing import dependency,we are also untiringly working in alternative energy areas to provide renewable energy solutions such as 2G ethanol from agri-waste,fuel cell technology for automobiles,
271、bio-diesel production from solar power,and energy storage devices.We have also aligned our focus areas with the vision of the Honourable Prime Minister to develop efficient and environment-friendly differentiated fuels and additives.During the year under review,we developed high cetane XTRAGREEN die
272、sel and green combo lubricants to reduce air pollution.This underlines our unwavering commitment to provide niche and specialised solutions,while working to enhance the user experience.Additionally,to further accelerate and bolster engine performance,we launched XP95 and XP100 across India.During th
273、e year,we also received VDA license on Diesel Exhaust Fluid Clear Blue developed by us for meeting NOX requirements in diesel vehicles.Corporate Overview Integrated Annual Report 2021-22High O C TA N E Pe r for m a n c eIndian Oil Corporation Limited4647I n t e ll e c t u al C ap it alCreating Hydro
274、gen-based Mobility Solutions IndianOil has recently launched a project to assess multiple hydrogen production pathways based on indigenously available resources and technologies such as solar electrolysis,biomass gasification and bio-methanation.Our endeavour is to build green hydrogen production ca
275、pacity of approximately 1 Tonne per day for trial purposes at R&D centre.The hydrogen produced will be deployed in 15 fuel cell buses for determining the efficacy,efficiency and sustainability of the production processes and the fuel cell technology.IndianOil is also on its way to commission hydroge
276、n dispensing facilities at Gujarat Refinery to facilitate the introduction of fuel cell electric buses on the iconic route of Vadodara to the Statue of Unity,the worlds tallest monument.Digital TransformationWe continue to make steady progress in our digital transformation journey.During the year un
277、der review,the launch of our project ePIC e-Platform for Customers,proved to be a game changer.We have built a platform that integrates all the end customers across different lines of business under one roof.This has empowered us to increase the overall efficiency of our processes and maximising the
278、 value creation for all stakeholders by automating various processes such as KYC,multi-channel LPG refill booking,payments,invoicing,and loyalty programmes management.We also provided an interface for rolling out customer-centric welfare schemes of GoI such as PMUY 2.0 and PMGKY.Additionally,we util
279、ised SAP S/4 HANA(IS-Utilities)to strengthen our foray into CGD business by onboarding of more than fifty thousand customers during the year.During the year,we continued to work towards digitising our operations through measures such as implementation of paperless offices,vendor invoice management a
280、nd document management systems.We have also strengthened our Enterprise-wide Unified Digital Business Ecosystem to address the pandemic-induced challenges and ensured seamless supply of products and services to customers across the country.Alongside of deploying new technologies and platforms,we als
281、o strengthened our IT security measures to ensure robust data privacy and security.We have also rolled out an Integrated Transaction Processing Server(ITPS)solution at major retail outlets for providing fidelity of actual sales with payment and loyalty.This ensures delivery of e-receipts,platform fo
282、r providing service rating and earn loyalty points(XTRAREWARDS Points)against the transaction in a seamless manner.Another landmark project End-to-End Project Management Suite(E2EPMS)was rolled out during the year.It is a digital dashboard with comprehensive project management and monitoring abiliti
283、es to track project life cycles of all volume ranges,facilitating easy,on-the-go,and dynamic project progress status and updates to all concerned stakeholders.Smart Labs for a Digitally Driven IndiaWith rapid advancement in digital technologies,the quality control department of marketing division ha
284、s taken up the initiative of converting all the labs to smart labs in a phased manner.This upgradation is expected to derive the following benefits:Increase the automation and digitisation of laboratory operation with state-of-the-art testing equipment;Enhance the overall efficiency of our processes
285、,right from sample collection to test report generation through IT and SAP enabled value-added services on a real-time basis;Introduce automatic pop-up of SAP test report numbers and auto-generation of email to the sample initiator;Improve internal and external customer satisfaction by quick and acc
286、urate testing.16,500+Retail outlets having ITPS solution 50,000+CGD customers data integrated in our system through SAP S/4 HANA(IS-Utilities)14 Marketing labs upgraded to the status of a smart lab in 2021-2240Total smart labs as on March 31,2022Corporate Overview 4849I n t e ll e c t u al C ap it a
287、lIntegrated Annual Report 2021-22High O C TA N E Pe r for m a n c eIndian Oil Corporation LimitedRoad AheadWith the aim to further expand our footprint and facilitate transformation as an integrated energy major,IndianOil is setting up a second R&D facility in Faridabad IndianOil Technology Developm
288、ent and Deployment Centre.The facility is going to be the worlds largest net-zero(power and water)facility with a GRIHA-5-star rating,LEED platinum standards and consisting of many new research centres of excellence in areas of alternative and renewable energy,corrosion research,nanotechnology and s
289、ynthetic biology.It is expected to be commissioned in 2023-24.Going forward,we will also focus on building a complete digital business ecosystem that is convenient,efficient,automated,delivery-centric,agile and fully secured.The ecosystem will encapsulate a full-fledged e-Commerce portal including n
290、ot-for-retail products and service wherein all line of businesses can be integrated,and all stakeholders can be provided with a unified and seamless experience.CertificationsThe ISO 17025 accreditation is one of the most important standards for testing and calibration of laboratories around the worl
291、d.Additionally,NABL accreditation is mandatory for all laboratories for ensuring accuracy of the test results released by any laboratory.51 quality control laboratories in marketing division have been accredited by National Accreditation Board for Testing and Calibration Laboratories(NABL)as per Int
292、ernational Standard ISO/IEC 17025:2017 for Testing Discipline while 3 laboratories are accredited by NABL for Calibration Discipline.51 ISO/IEC 17025:2017 accredited marketing QC laboratories Integrated Annual Report 2021-22High O C TA N E Pe r for m a n c eIndian Oil Corporation Limited50NATURAL CA
293、PITALSDGs Covered As a responsible energy major,IndianOil is cognisant of the impact our operations have on the natural ecosystem.Shouldering our responsibilities with pride,we have chosen to lead by example on environmental stewardship and ensure a positive outcome for our customers,communities and
294、 other stakeholders.240 MW Renewable energy7.17%YoY reduction of total water consumption3.36 MMTCO2-eq emissionReduction in emission 0.283MMTCO2-eq emission Emission mitigation from renewable powerH 708.5 crore Expenditure on alternative energyClimate Change MitigationManaging Environmental ImpactsO
295、ur Environmental PerformanceWe have implemented several business practices that are focused on enhancing our environmental performance such as reduction of GHG emissions,greener fuel,green building,energy efficiency,water conservation and many more.We are also working towards various initiatives suc
296、h as waste-to-value,which uses waste plastic,used cooking oil,and other materials to generate fuels directly.Combating Climate ChangeWe strive to reduce the negative impact on our climate.We have also taken all the required steps to manage and reduce the GHG emissions caused by our operations.In add
297、ition,fuel quality upgradation project helps us reduce SOX emissions to the environment.Sustainable development initiatives such as rainwater harvesting,water,carbon and waste footprint mapping,installation of solar panels,LED light and tree plantations are some of the efforts taken by us to reduce
298、our carbon footprint.Launch of XTRAGREENXTRAGREEN was launched by IndianOil,which reduces emissions and improves fuel economy by 5.78%.We have taken ambitious targets to realise our vision of being carbon neutral,internalising circular economy on water and waste management and being a benchmark in t
299、he energy sector.With thrust on Sustainable Growth,IndianOil continues to grow year-on year.An overview of IndianOil Paradip RefineryMaterial issues addressedIntegrated Annual Report 2021-22Corporate Overview Indian Oil Corporation Limited5253Nat u r al C ap it alHigh O C TA N E Pe r for m a n c eEn
300、ergy management is one of our main focus areas,as it has direct impact on the overall business operations.We are constantly working towards the use of cleaner energy sources such as bioenergy,green hydrogen,plastic to fuel that support our efforts of reducing our carbon footprint.The various governm
301、ents initiatives and the Production-Linked Incentive(PLI)scheme foster our efforts to move towards clean and sustainable energy sources.Moreover,energy management system(EMS)is implemented to optimise energy consumption.Our robust water management strategy focuses on measuring water withdrawals and
302、consumption,as well as taking initiatives to raise water efficiency in our operations.We ensure Zero liquid Discharge from our operations.We also undertake rainwater harvesting at our facilities to ensure the optimal use of water.We carrried out a water consumption study for all our refineries to un
303、derstand the water consumption patterns and water-saving potential.Monthly water audits are also conducted to periodically monitor consumption patterns.Moreover,refineries have internal MoUs that include indicators such as specific freshwater consumption,percentage of reuse,and specific discharge th
304、at are monitored,and real achievements are examined monthly during performance review meetings with the top management,and annual targets are revised with strict targets.Renewable Energy mixTotal Installed Capacity(till 31.03.2022)Wind PowerSolar Power69.82 MW167.60 MWTotal237.42 MW314 Trillion BTU
305、Total energy consumption 1 Tonne per day Green hydrogen production capacity 52 Energy conservation schemes implemented We are actively promoting the adoption of green power by our retail network.Our 1,166 outlets implemented solar energy in their operations.As on April 1,2022,our outlets have a tota
306、l installed capacity of 111.5 MW and an annual energy generating potential of 118 million units of solar power.IndianOil took the following initiatives to be energy efficient and transform our organisation into a green campus:Conventional lighting replaced with LEDs Conducted 52 energy-saving projec
307、ts with a total benefit of 66886 SRFTInstalled rooftop solar PV with 3802 kW capacity in the refineries complexPilot project for generating energy from waste Plan to use plastic to convert it into fuelEnergy ManagementWater ManagementAt IndianOil,we ensure that efficient waste management practices a
308、re in place.We follow laws and policies implemented by statutory bodies including State Pollution Control Boards(SPCBs).We are responsibly taking all the steps,which involve identifying and diverting waste generated by our operations.We have initiated relevant measures for waste reduction,recycling
309、and efficient waste treatment.IndianOil is working in the realm of waste-to-value,using plastic waste,and used cooking oil to make fuels.Similarly,spent catalyst and adsorbents are generated in substantial quantities in refineries and petrochemicals units.Spent catalyst disposal is done as per natur
310、e of catalyst.During the year,about 8,933 MT of spent catalyst was recycled safely disposed through authorised Treatment,Storage,and Disposal Facilities(TSDFs),e-auction to authorised metal recyclers and authorised coprocessors of RFCC spent catalyst.Waste disposable practise by IndianOil is mention
311、ed below:E-waste is disposed in IndianOil by way of buy-back against new procurements or through government approved trading agency such as MSTC Limited.Bio Medical Waste(BMW)generated is handed over to an outsourced agency approved by SPCB for treatment and disposal.Solid waste generated in Refiner
312、y Townships and canteens is treated in waste management plants to convert it into biogas or manure.Recyclable waste(Ferrous waste,plastic waste,and so on)are segregated and stored in a safe condition in storage yards before disposal.These are sold through auction by MSTC to recyclers.Refineries are
313、the main source of hazardous waste generation including oily sludge and spent catalyst.Oily sludge gets generated during storage tank bottom cleaning and ETP operation.In 2021-22,1.17 lakh MT sludge disposal was done by processing in Delayed Coker Unit(DCU),Sludge Processing Unit,Confined Bio-remedi
314、ation and On-site bio-remediation.Conserving Biodiversity Under the Corporate Environment Responsibility(CER)Scheme,IndianOil undertook first-of-its-kind project protection of Olive Ridley turtles in collaboration with the Wildlife Department of Chennai.Olive Ridley turtle eats invertebrates and is
315、considered to play a vital role in both open ocean and coastal ecosystems.Through the initiative,hatchlings of the turtles were released into the sea.Waste ManagementWaste generated due to our operations:Recyclable waste(Ferrous waste,plastic waste)Spent catalystBio-medical wasteE-waste Oil sludgeOr
316、ganic wasteCorporate Overview Integrated Annual Report 2021-22High O C TA N E Pe r for m a n c eIndian Oil Corporation Limited5455Nat u r al C ap it alHigh-octane performance at IndianOil is driven by our intrepid go-getters.We empower our talent pool by creating an enabling work-culture that prepar
317、es them for future challenges as well as opportunities.We are now widely acclaimed as an Academy Company,because of the diverse growth avenues that we provide to our employees.IndianOils leadership talent pipeline is regarded as the finest in the business,owing to our people development activities a
318、nd the performance-driven work culture.We continually keep on re-energising our human resources so that the business,personal and professional excellence are attained at all times.7,79,229 hours of training provided 3 yearsTotalYear ended March 31,2022Gross Carrying amount 80.07 10,865.36 5,243.55 1
319、,431.20 351.31 288.41 272.47 18,532.37 Expected loss rate0.29%0.28%2.63%2.64%3.19%4.07%1.37%Expected credit losses (0.23)(30.05)(138.07)(37.80)(11.22)(11.75)(3.72)(232.84)Specific Provision-(0.98)(0.32)(161.66)(162.96)Carrying amount 79.84 10,835.31 5,105.48 1,393.40 339.11 276.34 107.09 18,136.57 Y
320、ear ended March 31,2021Gross Carrying amount 62.31 8,064.99 2,556.34 769.67 2,074.73 190.18 268.39 13,986.61 Expected loss rate0.10%0.10%0.10%0.10%0.10%0.10%0.10%Expected credit losses (0.08)(7.55)(2.13)(0.64)(0.81)(0.15)(0.09)(11.45)Specific Provision-(96.33)(74.56)(23.97)(224.93)(6.93)(168.88)(595
321、.60)Carrying amount 62.23 7,961.11 2,479.65 745.06 1,848.99 183.10 99.42 13,379.56 The ECL matrix has been reviewed during the year and accordingly expected credit losses have been computed using historical credit loss experience for different groups of trade receivables.Other Financial instruments
322、and cash deposits The Companys maximum exposure to credit risk for the components of the Balance Sheet at March 31,2022 and March 31,2021 is the carrying amounts as provided in Note 4,5,6,11&12.The Company applies General approach for providing the expected credit losses on these items as per the ac
323、counting policy of the company.Credit risk from balances with banks and financial institutions is managed by the Companys treasury department in accordance with the Companys policy.Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each count
324、erparty.Counterparty credit limits are approved by the Companys Board of Directors.The limits are set to minimise the concentration of risks and therefore mitigate financial loss through counterpartys potential failure to make payments.NOTES TO FINANCIAL STATEMENTS NOTES TO FINANCIAL STATEMENTS Fina
325、ncial Statements N o t e s T o Fi n a n c i al S t at e m e n t sHigh O C TA N E Pe r for m a n c eIndian Oil Corporation Limited304305Integrated Annual Report 2021-22D.Excessive risk concentration Concentrations arise when a number of counterparties are engaged in similar business activities,or act
326、ivities in the same geographical region,or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic,political or other conditions.Concentrations indicate the relative sensitivity of the Companys performance to developments
327、affecting a particular industry.In order to avoid excessive concentrations of risk,the Companys policies and procedures include specific guidelines to focus on the maintenance of a diversified portfolio.Identified concentrations of credit risks are controlled and managed accordingly.E.Collateral As
328、Company has been rated investment grade by various domestic and international rating agencies,there has been no requirement of submitting any collateral for booking of derivative contracts.Company undertakes derivatives contract only with those counterparties that have credit rating above the intern
329、ally approved threshold rating.Accordingly,Company does not seek any collaterals from its counterparties.NOTE 41:CAPITAL MANAGEMENTNOTE 42:DISCLOSURES AS REQUIRED BY REGULATION 34(3)OF SEBI(LODR)REGULATIONS,2015The primary objective of the companys capital management is to maximise the shareholder v
330、alue.Capital includes issued equity capital,share premium and all other equity reserves,attributable to the equity shareholders,for the purpose of the Companys capital management.The Company manages its capital structure and makes adjustments in light of changes in economic conditions and requiremen
331、ts.The Company determines the capital requirement based on annual operating plans and long-term and other strategic investment plans.The Company may adjust the dividend payment to shareholders,return capital to shareholders or issue new shares to maintain or adjust the capital structure.The Company
332、monitors capital using debt equity ratio,which is borrowings divided by equity.The Companys endeavour is to keep the debt equity ratio around 1:1.(J in crore)ParticularsMarch 31,2022March 31,2021Borrowings 1,10,798.50 94,413.00 Equity Share Capital 9,181.04 9,181.04 Reserves and Surplus 1,22,105.32
333、1,01,319.00 Equity 1,31,286.36 1,10,500.04 Debt Equity Ratio0.84:10.85:1No changes were made in the objectives,policies or processes for managing capital during the financial year ended March 31,2022 and March 31,2021.(J in crore)Amount as atMaximum Amount outstanding during the year endedMarch 31,2022March 31,2021March 31,2022March 31,2021I.Loans and Advances in the nature of loans:A)To Subsidiar