State-run Indian Oil Corporation (IOCL) on Monday said its capex spending has hit an all time high of ₹35,205 crore in FY23.

Majority of the company’s capex spending was on its own projects, including pipeline expansion. Indians on an average consume 5 million barrels of crude oil daily.

“In addition to IOCL’s stellar operational performances, the company has also delivered impressive results on the capex utilisation front. IOCL has spent an all-time high amount of ₹35,205 crore on investments, which is 123 per cent of the allotted target,” the Maharatna company said in a statement.

The company invested ₹34,388 crore in its own projects and ₹817 crore in joint ventures and subsidiaries. At present, IOCL is overseeing 120 ongoing projects of various scales, with a total capital cost of around ₹2.4-lakh crore, it added.

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“Despite challenging geopolitical situations, what stood out was our teams’ perseverance and the determination to rise above every challenge thrown at us. Our unwavering commitment to excellence has paid off, and IndianOil continues to shine bright on the operational front,” IOCL Chairman SM Vaidya said.

Operational metrics

Vaidya noted that IOCL refineries clocked their highest-ever throughput of over 72.4 metric tonnes (mt), compared to 67.67 mt last year. The refiner’s liquid pipelines throughput jumped significantly from about 83.25 mt in FY22 to the highest-ever 94.7 mt during FY23. The company also registered its highest-ever pipeline expansion of about 2,450 km during the fiscal year.

“On the marketing front, IndianOil has achieved a petroleum products (POL) sales growth of about 14 per cent y-o-y. Its POL market share increased from 40.8 per cent in FY22 to 42.9 per cent in FY23. The petrol sales have grown by over 19.2 per cent, our diesel sales have increased by nearly 19.3 per cent and LPG sales have risen by about 1 per cent,” he added.

IOCL’s lubricant brand SERVO registered its highest-ever sales volume of 701000 tonnes with a growth of 9 per cent during FY23 after a spectacular 24 per cent rise during FY22 and 26 per cent growth in FY21. This translates to a market share rise from 24.9 per cent in FY21 to 27.1 per cent in FY23, thus cementing SERVO’s stronghold across all lube segments in India. IndianOil’s Grease sales also registered a growth of about 8 per cent in the last financial year, he noted.

During FY23, the CPSU commissioned 1,784 outlets, about 46 per cent of PSU commissioning. The IOCL fuel station network now has 36,285 outlets. Last year, it also commissioned five aviation fuel stations taking the total to 132; seven Indane bottling plants, taking the total to 108; and three depots & terminals taking the total to 120.

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