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Indian Oil CorporationInvestor Presentation

June 2011

Indian Oil Corporation: ‘The Energy of India’

1 Company Overview

2

3

4

5

Attractive Market

Dominant Market Leader: ‘The Energy of India’

Well Defined Strategy

Strong Operating & Financial Performance

6 Conclusion

2

Company Overview - Corporate History

MergerIndian Refineries Ltd. Indian Oil Company Ltd.

1958 1959

Indian Oil Corporation Ltd. 1964Integrated Refining and Marketing company in PSU domain

Companies Merged

Assam Oil Company IOBL IBP Co. Ltd BRPL

1981 2006 2007 2009

3

Company Overview – Brief Description

Highest‐ranked (125) Indian Company in Fortune Global 500

Board Structure Shareholding Pattern

India’s largest commercial enterprise

Largest refiner

Largest marketing infrastructure

Largest pipeline network

Notes1. Shareholding pattern as on 31st March’11

4

Company Overview – Brief Description

Core Business: R&M(1)

Operates 10 refineries with a total production capacity of 65.7 MMT

Operates a 10,899 km long product and crude pipeline network as well as maintains a marketing network with ~ 37,000 touchpoints

Diversification

Investing in wider petrochemical product slate Gas distribution – CGD, LNG at Doorstep etc E&P through equity interest in blocks across the world Power generation through renewable sources of energy

BusinessDescription

INR Bn unless specified FY 10

2,711

189

6.9%

33.9%/20.2%

0.88x

31.0%

FY 11

3.287

163

4.9%

15.6%/ 13.5%

0.95x

31.0%

Revenue

EBITDA

FinancialSummary

EBITDA Margin (%)

ROA/ ROE (%)

Debt/ Equity (x)

Dividend Payout Ratio (%)

Higher EBITDA in FY’10 due to higher inventory & exchange gains.

Notes1. As on 31st Mrch’11, including refineries operated by IOCL’s subsidiaries

5

Company Overview – Proven Track Record

IOCL formed through merger of Indian Refineries Ltd & Indian Oil Company Ltd

[Becomes first Indian oil & gas] company to establish Research & Development Center

Company enters into LPG business through a JV with Petronet LNG

Becomes the first Indiancompany to cross the INR1,000 Bn [turnover] mark

Enters petrochemicalbusiness by commissioning the world’s largest single train kerosene to LAB unit

IOCL’s Mathura refinery becomes India’s firstrefinery to produce Euro-III Compliant diesel & petrol

Commissioned India’slargest Naptha Cracker Complex

1964 1972 1994 1997 2000 2003 2004 2005 2010

First petroleum product pipeline commissioned:Guwahati-Siliguri pipeline

Commissions India’s firstHydrocracker unit

Entry into E&P business, is awarded twoexploration blocks under NELP-I

First Indian petroleum company to startoverseas retail business

Company enters into the gas business

IOCL is top nationaloil company in Asia Pacific

Awarded “Maharatna"status by the Govt. of India

Track Record: Rapid Growth Consistently

Net Worth & Revenues

(INR Thousand Crore)

Refining Capacity: 65.7 MMT

(MMT)

Total Length of Pipeline Network: 10,899 Kms

Kms (‘000)

350

300

250

200

150

100

50

0

1970 1980 1990 2000

Netw orth

0.6 4.5 17.5

CAGR16.5%

328.7 60

50

40

30

75

60

45

3015.8

15

0

1970 1980 1990 2000

7.8

CAGR5.3%

65.7

47.5

12

10

8

64.0

42.0

2

0

0.4

1964 1975 1985 1995 2005

CAGR7.3%

10.9

9.0

5.494.1 20

10

0

2011

28.0

Turnover 2011 2011

6

Attractive Market: Large Potential in India

Source BP Statistical Review of World Energy June 2011,

7

Attractive Market: Large Potential in India

India One of the Fastest Growth in Oil Consumption

2009‐14E CAGR (%)

5%

4%

4.8%4.1%

.. Leading to Large & Growing Petroleum Product Consumption in India

(MMT)

(1)

142

140 1383%

2%

1%

0%

China

15

2.6%

133

0.5%0.3%

130 129

India Asia Pacific N. America OECD

121.. Refinery Through Put …..% Change in 2010 over 2009

13.4 (1)

120

12

9 1127.2

6.1

113

110

2.9

6

32.7

0.5

0

China

-3

Source

108

-0.2

100

India Africa Middle East

US Europe Japan FY 04

Source

FY 05 FY 06 FY 07 FY 08 FY 09 FY'10 FY'11

BP Statistical Review of World Energy June 2009, & 2011 Petroleum Planning and Analysis Cell, Ministry of Petroleum and Natural Gas, Govt. of India

Note:1. Figure for FY’11 is provisional

8

Dominant Market Leader: ‘The Energy of India’

1

2

3

The Leader: #1 Refiner in India

‘India’s Energy Lifeline’ – Dominant Pipeline Network

Unparalleled Market Reach

9

Simply – The # 1 R&M Player in India

#1: Largest refiningcapacity in India:about 35% marketshare#1: Highest petroleumproducts market share:46% Refining

#1Marketing

#1: 54% of totalconsumer touch points

Notes1. As on 31st March 2011

Pipeline

#1:87% downstream market share in crude oil pipelines#1: Largest provider ofpipelines for petroleumproducts: about 49%downstream marketshare

#1: 89% market share ofbulk consumer pumps

#1: 52% market share inLPG dealership

10

1 Refining Capacity: Strategically Located Close to Profitable Markets

•• Access to high demandAccess to high demand market of North Indiamarket of North India•• Highest refining capacityHighest refining capacity in this regionin this region

Barauni: 6.0 MMT

Panipat: 15 MMT

Digboi: 0.7 MMT

•• Refineries benefit fromRefineries benefit from excise duty concessionsexcise duty concessions•• Ability to supply to NorthAbility to supply to North India markets at low cost byIndia markets at low cost by leveraging pipeline networkleveraging pipeline network

Guwahati: 1 MMTMathura: 8 MMT

Bongaigaon: 2.4 MMT

Koyali: 13.7 MMT

Haldia: 7.5 MMT

Paradip: 15 MMT

Chennai: 10.5 MMT

Narimanan: 1.0 MMT

Installed capacity (IOC) :Refinery (under construction) :Subsidiaries :

54.215.011.50

Refineries owned and operated by IOCL’s subsidiary - CPCL

Operational refineries of IOCL

Under-construction refinery of IOCL

11

1 The Leader: #1 Refiner in India

Key Highlights

Indian Oil Corporation operates 10 of India’s 20 refineries

The Company accounts for about 35% of the total domestic refining capacity

Technologically [advanced] refineries – Flexibility to switch between various production processes and grades of crude oils – Each refinery is a cracking refinery with moderate conversion capacity

All the refineries are Euro III / IV compliant (Bongaigaon Refinery expected to be compliant by Jul’11)

Diverse product basket: – Refined petroleum products such as high speed diesel, jet fuel, SKO, light petroleum gas, gasoline, bitumen, heavy fuel oil & naphtha – Petrochemical products such as LAB, Px/PTA, polymers – Lubricants and greases

Dominant Market Leader(1)

Refining Capacity (MMT)

75.0

60.0

45.0

30.0

15.0

0.0

65.762.0

24.5

14.811.9 10.5

IOC

55.0

RIL BPCL HPCL ONGC Essar

Throughput (MMT)53.0

51.4

50.0

47.4

50.7

45.0 44.0

40.0

FY07 FY08 FY09 FY10 FY11

More than 100% capacity utilization for last 5 years

Notes1. As on 31st March 2011

12

Pipelines…India’s Energy Life Line

Jalandhar

Ambala Roorkee Sangrur Najibabad Panipat Meerut Rewari Dadri Delhi Sanganer Mathura Ajmer BharatpurJodhpur Tundla Lucknow Chaksu

Bhatinda

Kot

Sidhpur KandlaMundra Vadinar

ViramgamDahej

HaziraRaipur

Paradip

Kanpur Chittaurgarh Ahmedabad RatlamNavagamKoyali

IndianOil owns and operates India’s Largest network of crude & product pipelines Getting closer to the clients with increasing length

Tinsukia

Siliguri BongaigaonDigboi

GuwahatiBarauni

RajbandhRanchi Durgapur Budge Budge Maurigram

Haldia

Pipelines (Existing ) Product

Crude OilLPG PipelineR-LNG Pipeline

Bengaluru

Chennai

Sankari Asanur

Trichy

Pipelines (Ongoing)

Product

LPG Pipeline

As on 1.4.2011Madurai

13

Pipelines……

Throughput (Million tonne)Length (KM) Capacity

(MMTPA)

40.40

34.86

75.2630

70

59.657.1

51.760

64.567.8

Crude Oil

Product

TOTAL

Gas

* MMSCMD

4,366

6,401

10,767

132

50

40

32.435.8 38.2

41.542.4

Crude oil

Product

10* 20

10

0

FY07FY08FY09Capacity Utilization (%)

10095.8

19.3 21.3 21.4 23 25.4

FY10 FY11

Market Share (Downstream) 95

90

93.3

90.6

88.0

91.6

Crude Oil

Product

87%

49%

85

80

75

70


14

Marketing…

Marketing Touch Points ( about 37,000)

Aviation Fuel Stations (96)LPG Bottling Plants (89) SKO/LDO Dealers (3,960)

ChandigarhBulk Consumer Pumps (7,780)

Terminal/Depots (140)

No.1 oil marketingcompany in INDIA

LPG Distributors (5,456)

Delhi

Jaipur

NOIDA

Lucknow

Patna

Bhopal

Guwahati

LPG Customers (61.8 million)

Retail Outlets (19,463 including 3,517 KSKs)

IOC has share of about 54% in Marketing Infrastructure

Ahmedabad Bhubaneswar Kolkata

Regional Offices:State Offices:Divisional Offices Retail: Consumer :Indane Area Offices :

416

663445

Mumbai

Secunderabad

Bengaluru

Chennai

As on 1.4.2011

Kochi 15

Marketing - Sales

Product Sales (MMT)

70.3

70

Rural Penetration : Contributing towards inclusive growth

67.5

64.5

4.5

5

60.8

60

3.6

56.5

3.1

3.3

Export

6365.3 Domestic

5057.5

53.4

60.9

40FY07 FY08 FY09 FY10 FY11

Petroleum Products Market – % Share(1)

IOCL

BPCL

HPCL

RIL

Others

(1) Market

46

20

18

8

KSK Sales (MS & HSD) - % of total IOC’s Sales (MS & HSD )

9

share of other companies is provisional

16

No. of KSKs commissioned during the year

IndianOil in Every Part in Every Heart

North East Along, Passighat, Ziro

Leh, Kargil, Lahaul Spiti

Andaman, Nicobar, Lakshadweep

Only oil company operating in every part of India

Himalayas

Islands

Retail Outlet at Boat house Kisan Seva Kendra outlets for extending rural reach

Modern XTRAcare ROs

17

Well Defined Strategy

1ReinforcingCompetitiveAdvantage

Building capacity of core refining and pipeline business

5

Increasing Quality &Operational Flexibility Drive flexibility andefficiency of production capabilities

2Investing in the Future

Facilitating R&D and innovation to lead future growth

4Diversification

Geographic andproduct expansion to develop sustainable profits

3 Integration led Value EnhancementBackward & forward integration for maximum value capturing

18

R & D – Providing Cutting Edge

Established in 1972 , Currently 438 scientists & support staff

LubricantTechnology

Biotechnology,Nanotechnology,Alternative Energy

RefiningTechnology

Fuel Additives

Hydrogen &Gasification

Polymers & Petrochemicals

19

5 Investing in the Future – R&D/ Innovation

Focus of R&D The major thrust for R&D in next decade would be

– Reducing the carbon footprint of IOCL’s processes, products andtechnologies; endeavour to reduce Company’s emissions by 20% to 25%from current levels

Licensing the Company’s technologies on a larger scale

Application of nano-technology

Development of superior, high performance catalyst and lubricant additives

Improvement of overall efficiencies

Advances in Products INDMAX:

– Facilitates maximization of LPG and light distillates from refinery residue– Aims to install a 4 MMTPA unit as a part of the refinery/ petrochemicals complex at Paradip by 2012Marine Oils: One of only six oil companies globally to have indigenouslydeveloped “original equipment manufacturer-approved marine lubricantstechnology”Needle Coke:– One of three companies in the world that possess the technology to make high value needle coke for application in graphite electrodes for steel- making.– Technology has been commercialized in Bongaigaon and Guwahati Refineries

–

–

–

–

Investment in R&D

(INR MM)

Active Patents by Geography Active Patents by Division

2,000

1,510

Others

25%

Others

Lubes

39%19%

1,000

567

26195

0

FYE 07 FYE 08 FYE 09

942 India

52%

42%USA

23%Refinery

FYE 10 FYE 11

Budgeted Estimate For FY11

20

Forward Integration - Petrochemicals

India’s one of the major petrochemical player

Assets : Value addition to downstream business

21

Diversification to Gas Business

Gas Sales and Turnover(1)

Stakeholderin M/sPetronet LNGLimited (PLL)

City GasDistribution(CGD)

4

3.5

3

2.5

Sales Volume(MMT)

4,001

Turnover (INR Crore)

4500

4000

3500

2,990

3000

2,8842500

2000

1500

LNG atDoorstep

ProposedLNG terminalof 5 MMTPAat Ennore

21746

2078

1.5

11.63

2.30

1.91 1.85 1.90 1000

500

0

0.5

02006 07‐ 2008 09‐ 2010 11‐Gas

pipelines

(1) Includes sales to IOC’s refineries

22

Upstream Integration - Exploration & Production

Discovered:Domestic Blocks – 3Overseas Blocks: 3 (Farsi (Iran), OML 142 (Nigeria),Carabobo Project 1 (Venezuela))

Domestic Blocks : 13

NELP (11), CBM : (2)

Awarded two S type blocks in Cambay basinwith 100% participating interest andoperatorship.

For domestic blocks participated mainly with OILand ONGC

For overseas blocks participated mainly with OVLand OIL

Carabobo Project 1, Venezuela: PdVSA (60%),Repsol (11%), Petronas (11%), OVL (11%); OIL(3.5%), IOC (3.5%)

Total investment so far in E&P - INR 1,536* crore

(*As on 31.3.2011)23

Overseas Blocks :10

Libya (3), Iran (1), Yemen (2), Nigeria (1),Gabon (1), Timor-Leste (1) & Venezuela (1)

Diversification - Clean Energy

WIND SOLAR NUCLEARBIOFUELS

5 MW Solar Power Plant

WindPower Project

• Commissioned atKachchh, Gujaratin January 2009

• Capacity : 21MW (14 WEGsof 1.5 MWeach)

• IOCL won bid to set up 5MW Solar PV Power Plantat Barmer, Rajasthan underJawaharlal Nehru NationalSolar Mission

Nuclear Power

• JV Companyincorporated toput up NuclearPower Plants inIndia

Equityparticipation(26%) inRawatbhata(RAPP 7/8,700*2 MWs)Rajasthan

Energy CropPlantation

• Captive plantation for Jatropha in India

• Chhattisgarh, Jhabua, MP : 6070Ha

• UP: Plantation under MNREGS funded Public-Private- Panchayat Partnership (P4) model: 10 ha completed

• Proposed to extend plantation upto 50,000 ha.

Empowering Rural India

• Over 30,000 solar lanternsold from Retail Outlets(ROs), LPG Distributors forlighting rural home / shops

For poorer villagers, 3Solar Charging Stationsinstalled at pilot basis tocentrally charge lanternsfor renting to customers

•

• Considering furtherinvestment in windpower projects

•

24

Subsidiaries - Beyond Boundaries

••••

75.11 % stake holdingStorage, Terminaling and Retail tradeTurnover (2010-11) INR 2090 croreRanked No. 1 Company in Sri Lankaby Lanka Monthly Digest for thethird consecutive year

Lanka IOC Limited,Sri Lanka (2002)

Major OVERSEAS IndianOilIOC Middle SUBSIDIARIES Mauritius East FZE,Dubai (2006)

•100% stake holding

•Aviation, Retail, Storage, Quality Assurance

•Turnover (2010-11) INR 841 crore

Limited,Mauritius (2001)

•100% stake holding

•Sale of Lubricants in Middle East countries

•Turnover (2010-11) INR 77 crore

•3rd largest petroleum company in Mauritius

25

Subsidiaries & JVs

DomesticSubsidiaries IOT Infrastructure & Energy Services Ltd (50%, 1996)

Avi‐Oil India Pvt. Ltd (25%, 1993)Petronet LNG Ltd. (12.5%, 1998)

IndianOil CREDA Biofuels Limited(2009)

74 % StakeholdingAmount ofInvestmentby IOC: INR0.74 crore

•

•

Chennai Petroleum Corporation Limited (2001*)•51.89% stake holding•PAT (2010-11): INR 512 crore•Amount of Investment by IOC: INR 509.33 crore•Refining Capacity: 11.5 MMTPA

MajorMajor JointJointVenturesVentures

IndianOilPetronas Pvt. Ltd. (50%, 1998)

Lubrizol India Pvt. Ltd.(50%, 2000)

Green Gas Ltd. (25%, 2005)

IndianOil Skytanking Ltd. (33.33%, 2006) Indo Cat (P) Ltd. (50%, 2006)

* Became subsidiary of IndianOil

26

Financial Performance

27


TURNOVER

(INR / bn)

3,500

3,000

2,4752,500

2,000

1,500


2,208

2,854

3,287

EBITDA(1)

(INR / bn)

200

175

1502,711 125

100

75

50

25

0


146 143

113

189163

NET PROFIT

(INR / bn)

125102

100

7575

5030

25

0


70 74

NET WORTH

(INR / bn)

600

506

500

411

400

300

200


349

553

GRMs(3)

($/ bl)

PIPELINES EBITDA(2)

(INR./ bn)

10.0

8.0

9.0 40

355.9

35

33

29

2525

20

26

440

6.04.2

4.0

2.0

0.0

FY07 FY08 FY09 FY10

3.74.5 30

FY11 FY07 FY08 FY09 FY10 FY11

(1)Including interest income(2)Excluding interest income

(3)GRM’s for FY’07 & FY’08 does not include Bongaigaon GRMs

28


Total Debt to Equity

1.2

1.0

0.8

0.6

0.4

0.80.9

Long Term Debt to Equity

(x)

Debt to Investments Ratio(1)

1.40.3

(x)

1.0

0.9

0.4

0.95

0.3

0.2

0.1

0.30.3

0.4 0.41.3

1.1 1.11.21.0

1.0

0.8

0.6

0.4

0.2

0.9

0.2

0.0


0.0

FY07 FY08 FY09 FY10 FY11 0.0


Investments(1)

(INR Bn)

Fixed Assets

(INR Bn)

Contribution to Central Exchequer(INR Bn)

450

400

350

300

250

200

150

100

FY07 FY08

315

361

424402

1,100387

1,000

900

800

700

600

500

400

660592

805

934

1,058 400

300

200

100

0

284

342

259 265

397

FY09 FY10 FY11 FY07 FY08 FY09 FY10 FY11 FY07 FY08 FY09 FY10 FY11

Note1. Investments include Market Value of shares held in ONGC Ltd., GAIL (India) Ltd., OIL India Ltd., shares held in Trust formed for merger of IBP Co. Ltd. and Bongaigaon Refinery &Petrochemicals Ltd and Special Oil Bonds

29

Compensation of Under Realization

INR Thousand Crore

Oil Bonds / Budgetary Support #

Discount from Refiners

Discount from Upstream Companies

Net Under Realization

58.6

43.1

40.4

43.1

28.6 19.022.6

TOTALGOVT. OFINDIASUPPORT

25.8

13.9

0.614.3

18.2

9.8

15.2

16.7

7.5

3.1 3.8

11.9

2.2

FY07 FY08 FY09 FY10 FY'11

# Oil Bonds till FY09; Budgetary Support during FY’10 & FY’11

30

Investments - Fuelling the growth

Five Year Plan

INR crore

11th Plan(Anticipated)

Capital Expenditure

52,0002007-08

PlanExpenditure

Non PlanExpenditure

2008-09 2009-10

5,142 10,353 12,256 9,831

INR crore

2010-112011-12*

14,500

1,874

7,016

1,678

12,031

2,007

14,263

2,588

12,419

4,440

18,9409th Plan 10th Plan Total

* Budgeted Estimate

12,886 17,930

31

Major ongoing projects

Projects-RefineryAnticipated Outlay (INR crore)

29,777

294

1,646

1,000

Objective

To meet domestic demand & export of surplusproduct

To produce BS-III quality MS

To produce BS-III quality HSD

To increase processing capacity of unit from 1.3 to 1.5MMTPA & maximize production of value addedpropylene

Designed to produce 138 MTPA of Butadiene to beused as feedstock for SBR project at Panipat

AnticipatedCompletion

Nov’12

July’11

June’11

Jan’13

Paradip Refinery

MS Quality Upgradation Project atBongaigaon Refinery

DHDT at Bongaigaon Refinery

Fluidized Catalytic Cracking Unit atMathura Refinery

Butadiene Extraction Unit at Panipat

Total (a):

342

33,059

Feb’13

Projects-Pipelines

Branch pipeline from KSPL, Viramgam to Kandla

Paradip-Sambalpur-Raipur-Ranchi pipeline

Debottlenecking of Salaya-Mathura crude pipeline

Integrated crude handling facilities at Paradip

Tanks and Blending facilities at Vadinar

Paradip-Haldia-Durgapur LPG pipeline

Total (b) :

Other Projects (c)

TOTAL (a+b+c)

Anticipated Outlay (INR crore)

349

1,793

1,584

1,493

267

913

6,399

5,600

45,058

Anticipated Completion

Dec’11

Sep’12

Dec’12

Jun’12

Oct’11

Dec’13

32

Human Capital: Assets of IndianOil

33 33 33

Human Capital: Assets of IndianOil

34,105

IndianOilPeople…… towards excellenceAs on 31.3.2011

34

Human Capital - Assets of IndianOil…

IndianOil People…… towards excellence

35

IndianOil: Beyond Business

36

Sustainable Development

Water management

Green fuels

IndianOilInitiatives

Emissions control

Tree plantation Effluent treatment

CDM projects

37

Care for Environment

Environment Management Systems at refineries, pipelines and major marketinginstallations certified under ISO-14001 standards

Best procedures & practices of industry in place at all operating units to takecare of Safety, Occupational Health & Environmental Issues

Expected to generate 60,000 CERs per annum through various CDM projectsplanned in refineries

Decline of ~22% is witnessed in effluent discharge (per TMT of crude oil) fromrefineries in 2010-11 compared to 2009-10.

38

Corporate Social Responsibility

LPG connections to BPL families under RGGLVY (20%)

2% of retained profit of previous year for CSR Indian Oil Foundation

Scholarships (30%)

Community Development: (30%)(Education, Health & Drinking water)

National causes &Natural calamities (35%)

Contributions/Donations (5%)

39

Conclusion

1

2

3

4

Delivering on Key Success Factors

The # 1 R&M Player in India

Integrated Operations

Strong Performance

40

1 Conclusion – Delivering on Key Success Factors

Key Success Factors Indian Oil Corporation Positioning

Feedstock

Long term contracts to build access to feedstock INR 15 bn invested in E&P blocks; Reserves identified in six blocks

41

Integration

Increasing equity investment in E&P to create integrated projects Indian market leadership in refining and marketing Capacity enhancement to produce diversify petrochem product slate

In-house state of the art R&D facilities Largest refining capacity in the country Recently commissioned India’s largest Naphtha Cracker Unit

ManufacturingExcellence and Scale

Access to Key Markets

Ideally positioned for growth in India Access to key markets in Asia Pacific

Logistics/Distribution

Largest crude and product pipeline network in the country Maximum number of customer touchpoints in the Indian petroleum industry

2 Conclusion – The # 1 R&M Player in India

Refining Capacity

(MMT)

75. 06 5. 7

6 2 .0

6 0 .0

Crude Pipelines

(MMT)

50

4040

Retail Outlets

(No.)

6.7x2 0 ,0 0 0

16 ,0 0 0

19 ,4 6 3

1.1x 1.9x

4 5. 0 30

20

14 .812 .0

12 ,0 0 0

8 ,0 0 0

10 ,2 129 ,2 9 0

3 0 .0 2 4 .5

15. 0 10 . 5 10

0

6 4 ,0 0 0

00 .0

IOC R IL B PC L HPC L Essar O N GC IO C L O t he r do wns t re a m P S U IO C L HP CL BP CL

Domestic Sale of Petroleum Products

(MMT)

7565

60

Product Pipelines

(MMT)

4035

30

LPG Distributors

(No.)1.4x 2.1X

6 ,0 0 0 5 ,4 5 62.2x

264 ,0 0 0

2 ,6 3 3

10 2 ,0 0 0

2 ,4 5 2

45

3028

20

26

1015

0

IO C L BP CL HP CL

0

IO C L HP CL BP CL

0

IO C L HP CL BP CL

42

3 Conclusion – Integrated Operations

PetrochemicalsGas

Refining Wind

Nuclear

Pipelines

Solar

Marketing

43

4 Conclusion – Strong Performance

Growth Rates Margins & Returns

5yr CAGR Growth Rates

Asset Base : 14.6%

Performance Turnover : 12.4%

Net worth: 13.6%

Refining capacity: 5.6%

Pipelines capacity: 4.6%

Margins & Returns

FY11 EBITDA margin of 4.9%

FY11 ROE: 13.5%

FY11 ROA: 15.6%

Capital Structure: Virtually Debt Free

Long Term Debt to Equity

(x)

Debt to Investments Ratio(1)

0.4 0.4

(x)1.4

1.1 1.1

0.4

0.3

0.3

0.2

0.1

0.0

FY07 FY08

0.3

1.4

0.31.2

1.01.0

0.8

0.6

0.4

0.2

0.0

0.9

FY09 FY10 FY11 FY07 FY08 FY09 FY10 FY11

Notes1. [Investments include Market Value of shares held in ONGC Ltd., GAIL (India) Ltd., OIL India Ltd., shares held in Trust formed for merger of IBP Co. Ltd. and

Bongaigaon Refinery & Petrochemicals Ltd and Special Oil Bonds

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