IOT achieves near-double profits
Mumbai: Indian Oiltanking limited (IOT) continues its profitable streak for a second consecutive year as it records a near-double total comprehensive income of nearly Rs157 crore in its approved audited financials for FY19. The double-digit percentage rise in profits clearly marks sustained profitability for the company that achieved a turnaround in FY18.
Sanjiv Singh, Chairman of IOT Board and Indian Oil Corporation received the performance with enthusiasm and observed, "I am happy to note Indian Oiltanking's positive financial performance despite volatile market factors during last fiscal. It stands testimony to IOT's operational efficiencies and versatility across geographies. Looking forward to another exciting financial year for IOT."
Speaking on the financials, Vivek Venkatachalam, Managing Director, IOT said, "Despite the market challenges we faced, we're proud to share that we rose to these challenge We have identified adjacencies and new opportunities to deliver yet another profitable year, and are already working to raise the benchmark for FY20."
Indian Oiltanking is a pioneering and a leading service provider for Oil Marketing Companies, offering its technology, tankage and talent to Store and Distribute fuel products to retailers, letting OMCs focus on their core strengths.
Sharing IOT's future strategy, Vivek added, "With our excellence in POL fuel Terminalling established, we're carving our niche in Compressed Biogas. Our poultry-fed biogas plant in Tamilnadu is already working on vehicle-ready biogas, soon to be retailed across IOC's outlets in South India. We're also keen to replicate this model at more places in Maharashtra, Andhra and TN. IOT has inked a Memorandum of Understanding with the Indian Oil Corporation to generate 15 tonnes of Compressed Biogas per day, and the product shall reach IOC's retail outlets later this year."
