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कोची रिफाइनरीज

बीएसई: 500873  |  NSE: COCHINREFN  |  ISIN: INE123A01012  |  Refineries

खोजें कोची रिफाइनरीज कनेक्शन
अध्यक्षीय भाषण साल : Mar '03
Dear Shareholders,
 
 It gives me great pleasure to extend a very warm welcome to each one of
 you to this 41st Annual General Meeting of your Company. In the last
 year's AGM when I had the privilege of addressing you as the chairman
 of the Company for the first time I recall having acknowledge the
 sterling contribution made by a team of professional contribution made
 by a team of professional managers and hard-working employees of your
 Company is achieving excellence in performance. I am sure, you all
 would readily join me in congratulation tehm for staging an impressinve
 show this year also, by achieving the highest levels of performance and
 growth. By sustaining these levels of performace, your Company's role
 and presence would continue to be felt in teh Country's oil sector, as
 a growing , profit-making Company.
 
 The Reports of the Directors and Auditors, the Audited Accounts and the
 Comments of the Comptroller & Auditor General of India on the Accounts
 of the Company for the financial year ended 31st March 2003 are already
 with you, and , with your permission, I shall take them as read.
 
 No doubt you would have noticed from thAnnual Report that your Company
 continued to maintain the Excellent rating fro the twelth year in
 succession for its performance during 2002-03, under the Memorandum of
 Understanding (MoU) entered into between your Company and the
 government of India. As mentioned in the Directors' Report, from the
 current financial year 2003-04 onwards, the practice of entering into
 separate MoU with the Government of India has been discontinued, and,
 instead, the MoU has been signed with BPCL, your Company's holding
 company.
 
 REVIEW OF OPERATIONS
 
 Your Company achieved a capacity utilization of 101% this year, as
 against the capacity utilization of 91% achieved during the previous
 year. It processed 7.58 Million Metric Tones (MMT) of crude oil in
 2002-03, against the installed capacity of 7.50 MMTPA. Improved
 performance was also registered in total distillate yield as well as
 fuel & loss levels during the year, as compared to the previous year
 2001-02. It has also set records in other operation areas like
 production of LPG, Motor Spirit, Aviation Turbine Fuel, Bitumen, Poly
 Iso-butylene etc., the details of which are already available in the
 Directors' Report.
 
 FINANCIAL REVIEW
 
 Surpassing the Rs.10,000 crore-mark for the first time, your Company
 achieved an all-time high turn over of Rs.10,480 crores during the year
 2002-03. The increase was mainly dur to higher selling prices and
 increase in sales volume. The growth in turnover is about 55%, over
 Rs.6,758 crores achieved during the year 2001-02. This is a significant
 achievement, which will find a prominent place in the history of
 performance milestones of your Company.
 
 Profit before tax, which is also a record, stood at Rs.696 crores, as
 compared to Rs.118 crores during the previous year. Profit After Tax
 grew to Rs.456 crores from Rs.69 crores last year, registering an
 increase of about 560%. The quantum jump in profit during the year is
 due to better product prices, improvement in distillate yield,
 reduction in fuel & loss, efficient sourcing of crude oil and
 appreciaiton in inventory value during the year. Net worth of the
 Company registered a growth of 26% from Rs.1,138 crores as on 31st
 March 2002 to Rs.1,438 crores as on 31st March 2003. You would have
 noted a detailed discussion on the financial performanceof the Company
 in the Dirctors' Report.
 
 Enhanced levels of current year's profit has enabled your Dirctors to
 recommend a Divided of 100% of the paid-up capital, for your
 consideration and approval. This will absorb and amount of Rs.156
 crores towards dividend and corporate dividend tax.
 
 OUTLOOK FOR THE FUTURE
 
 As mentioned during the last General Meeting, the year 2001-02 was the
 terminal year of thepahsed dismantling of the Administered Pricing
 Mechanism (APM) of the Government of India. The year 2002-03 was teh
 first full financial year after the total dismantling of the APM.
 Though the performance of your Company during the year 2002-03, both in
 terms of physical and financial parameters, were indeed excellent, one
 should not lose sight of the major business challenges ahead which have
 to be faced by the Indian Refineries, in the de-regulated scenario. It
 remains a fact that your Company would also be exposed tothe vagaries
 of the market, which are prone to fluctuate wildly, in response to the
 volatilities of international prices of crude oil/products. I would lke
 to add a word of caution here that sustaining and improving the
 performance levels of the Company is not an easy proposition - indeed,
 it is a difficult one - for which not only consistent and strenuous
 efforts from all those who are associated with the affairs of the
 Company, but aslo and more importantly, a favourable combination of a
 multitude of external factors influencing crude and product prices, are
 needed.
 
 It is likely that during the current financial yer, Indian Economy will
 register an actual Gross Domestic Product (GDP) growth rate which is
 less than the projected annual growth rate of 8% during the entire
 Tenth Plan Period. It is also abvious that demand for pertoleum
 products would reflect the growth of the Economy as a whole. with
 multinational Companies and private companies all set for a major foray
 into the marketing sector, your Company would also have to consider
 product export possibilities to tide over any domestic product off-take
 limitations. You might have noted from the Directors Report that your
 Company has successfully executed, though in a small way, a few product
 export orders also during teh year 2002-03. However, these export would
 also squeeze refinery margin.
 
 As mentioned in my last Communique, your Company is fully geared for
 implementing quality up-gradation of auto fuels, expansion of the crude
 oil refining capacity commensurate with the product demand and
 modernisation of the refinery to reduce the operating cost. Though the
 substantial investment proposed on plan facilities for auto fuel
 quality upgradation does not yield corresponding returns, it has vecome
 inevitable for the continued existence in the business environment for
 achieving the competitive edge. Phase-I of the Capacity
 Expansion-cum-Modernisation proposal envisages setting up of facilities
 required for quality upgradation of Motor Spirit (MS) and High Speed
 Diesel (HSD) to meet Bharat Stage-II norms. This project is proposed to
 be taken up on fast track basis aimng completion by January 2005.
 Phase-II of the Proposal involves quality up-gradation of MS and HSD to
 Euro-III norms, capacity expansion by 2.5 MMTPAQ and modernization of
 the refinery to reduce operation cost. The Phase-II is estimated to be
 completed by the year 2010. Similarly, the proposal to set up Crude Oil
 Receipt Facilities consisting of single Buoy Mooring, Shore Tank Farm
 and associated pipelines is also under active consideration by your
 Company, with a view to increase the profitability and also to maintain
 the competitive edge. In this connection, I am happy to inform you that
 your Company has entered into a Memorandum of Understanding (Mou) with
 Cochin Port Trust, which spells out terms and conditions of setting up
 of Crude Oil Receipt Facilities within the Port limits, such that the
 savings to your Company is substantially the same as from the other
 alternative available to your Company. The MoU is also in the spirit of
 Long-term ralatlions between your Company and Cochin Port Trust and for
 the mutual benefit of both the organizations and in the larger interest
 of the development of the region. Details of these proposals and other
 ongoing projects, which are being pursued/implemented by the Company,
 are given in the Directors' Report.
 
 ACKNOWLEDGEMENT
 
 On behalf of my collegues on the Board and on my own behalf, I
 acknowledge gratefully the assistance and support extended to your
 Company by various Ministries under the Government of India,
 particularly, the Ministry of Petroleum and Natural Gas. I also wish to
 place on record my gratitude to various Ministries of the Government of
 Kerala. Further, I would like to express my sincere gratitude to the
 Shareholders of the Company, particularly, BPCL, the holding company,
 for their unstinted support and faith at all times.
 
 I also take this opportunity to express the Board's gratitude for the
 invaluable leadership and consistent encouragement provided by the
 previous Chairman and Managing Directors, Shri K.L. Kumar, who retired
 during the year, after rendering 20 year of meritorious service to the
 Company. I think my collegues on the Board for their valuable counsel,
 support and guidance.
 
 And last but by no means the least, my sincere appreciation is also due
 to all the employees of the Company, without whose dedicatd and
 whole-hearted efforts, the achievements of the Company would not have
 been possible.
 
 Kochi                                                     S.BEHURIA
 9 July 2003                                                Chairman
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `271 Cr की बिकवाली की
  • MARKET CUES : DIIs ने कैश में `309 Cr की खरीदारी की
  • MARKET CUES : FIIs ने F&O में `58 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `299 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स ऑप्शंस में `413 Cr की खरीदारी की
  • MARKET CUES : स्टॉक फ्यूचर्स में `124 Cr की बिकवाली की
  • HSBC ON CASTROL : BUY रेटिंग, लक्ष्य बढ़ाकर `165/Sh
  • MS ON FUTURE RETAIL : Overweight रेटिंग, लक्ष्य घटाकर `540/Sh
  • CREDIT SUISSE ON ITC : Outperform रेटिंग, लक्ष्य `330/Sh
  • MORGAN STANLEY ON GRASIM : Overweight रेटिंग, लक्ष्य `875/Sh

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