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| Performance Highlights (IOML) |
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By Rajesh Ahuja, MD, IndianOil (Mauritius) Ltd
Last Updated: May 16, 2008 |
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IndianOil (Mauritius) Ltd records a splendid profit for 2007-08
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At the recently held board meeting of IndianOil (Mauritius) Ltd in New Delhi, a 100% subsidiary of IndianOil, its annual accounts for 2007–08 were adopted showing profit after tax of Mauritian Rs. 105.52 million in the period under review, depicting a splendid increase of 88.6% in comparison to Mauritian Rs. 55.94 million of the previous year.
As per the performance highlights, the product volume sales recorded a moderate growth of 19.5%, i.e. 194, 930 KL against 163,068 KL of last fiscal year. The annual turnover attained was Mauritian Rs. 4009 million in the fiscal year 2007-08 vis-a-vis Rs. 3039 million for year 2006-07, marking an upsurge of 32%.
Competing against giant three multinationals, Shell, Total and Caltex-Chevron, established in this island for more than 50 years, IndianOil (Mauritius) Ltd. in a span of merely 4 years of marketing operations has captured an impressive 19.8% of overall market share and the market leadership in the aviation sector with 32% share of the business.
With commissioning of 5 filling stations in this financial year, the tally of IndianOil (Mauritius) Ltd Retail Outlets has gone up to 13. In addition, four filling stations are expected to be commissioned within the next 6 months. The terminal storage facility has been augmented to 24,000 MT from previous capacity of 18,000 MT.
Having obtained ISO 9001-2000 accreditation, IndianOil (Mauritius) Ltd petroleum laboratory has started the process for ISO 17025 accreditation. ISO accreditation for Mer Rouge terminal has also been taken up.
After this successful operation, IndianOil is weighing the possibility of entry into the nearby Reunion Island, a French territory. Discussions are being undertaken with important stakeholders alongside a detailed market research of the area. Replicating the model of its successful venture in Mauritius, IndianOil is keen to enter aviation, bunkering, consumers and retail sector of Reunion Island.
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