CPCL achieves highest turnover of Rs 25,409 cr
Chennai, May 15: The Public Sector Chennai Petroleum Corporation Limited (CPCL) achieved its highest-ever turnover of Rs 25,409 crore during the year 2005-06, registering a record 56 per cent increase over the previous year.
Addressing a press conference here, CPCL Managing Director K K Acharya said the higher turnover against last year's Rs 16,270 crore was mainly due to increase in crude throughput and higher prices for the products based on import-parity.
He said the Profit before interest, depriciation and taxes for the year 2005-06 stood at Rs 1,572 crore as against Rs 1,300 crore recorded during the previous year, marking an increase of 21 per cent.
But, taking into account the loss being incurred by its marketing companies in view of increase in oil prices, the company had provided a discount of Rs 439 crore to these marketing companies, as part of a formula, evolved to share their loss burden.
Following this, the profit before interest, depriciation and tax came down to Rs 1,133 crore and Profit before tax at Rs 723 crore against Rs 934 crore for the previous year. Similarly, the Profit after tax was Rs 481 crore against last year's Rs 597 crore, Mr Acharya said.
Mr Acharya said the crude throughput for the year 2005-06 was highest-ever at 10.36 Million Metric Tonnes (MMT) against the target of 10.2 MMT. The crude processing was 16 per cent higher than the previous year crude throughput of 8.92 MMT. During this year, Manali Refinery processed 9.68 MMT and Cauvery Basin Refinery (CBR) processed 0.68 MMT, he added.
He said the Board of Directors had recommended a dividend of 120 per cent for 2005-06, of which 30 per cent had alreay been paid as interim dividend.
To meet the water requirement of Manali refinery, the company would invest Rs 289 crore to make the refinery self sufficient, he said adding that a sewage reclamation plant will be commissioned during this year while the 5.8 MGD desalination plant would be commissioned during next year.
Mr Acharya said a new 42 inch crude oil pipeline as a replacement of the existing 30 inch ageing crude oil pipeline is proposed to be laid from Chennai Port to Manali Refinery at an estimated cost of Rs 65 crore.
The company was also implementing a Rs 147 crore project for installation of a 20 MW Gas Turbine to enhance the reliability and quality of captive power generation at Manali refinery. The project was expected to be completed by November 2007, he said.
The company was proposing to set up a polypropylene production unit and has decided to enhance its Propylene production capacity to meet higher demand. As Chennai has become an automobile hub, there was a huge potential for marketing Polypropylene product, he added.
CPCL has taken up work for laying a dedicted Aero Turbine Fuel pipeline from Manali Refinery to Chennai Airport and proposed to lay a product pipeline from Chennai to Bangalore.
To promote bio-fuel, CPCL has taken up cultivation of Jatropha curcas in about 60 acres in the Cauvery Basin areas, he added.