Indian Oil Corporation Limited | Integrated Annual Report 2021-22

At IndianOil, we believe ‘high-octane’ is not just a characteristic of the fuel we produce, it defines the spirit of every IOCian. With the zeal, enthusiasm, and quest to provide the best to customers, stakeholders, channel partners and associates, we have been transforming relentlessly to be a socially responsible and sustainable energy company.

Performance and Experience that is unparalleled, is what, IndianOil offers to its stakeholders. Over the years, the Company has strived relentlessly to develop best-in-class energy solutions for the nation. Consolidating its existing businesses, converting each challenge into an opportunity, realising sustainable energy alternatives, innovating across domains, and traversing across the skies and deep seas, IndianOil’s agility and tenacity keeps the wheels of growth moving year after year. The commitment, dedication and passion of the Company as a whole has indeed gravitated IndianOil’s character of being a game-changer across the oil and gas industry.

Strong Governance in Letter and Spirit

Transparency, integrity and accountability are the three principles that guide corporate governance at IndianOil. The governance system is intended to set high standards of ethical and responsible conduct of the Company’s business to maximise value for all stakeholders, including shareholders, customers, employees, contractors, vendors, and society at large. It aims to strengthen the relationship of trust between IndianOil and its stakeholders and help the Company achieve its goals and objectives. IndianOil’s governance structures and processes are duly evolved and adapted from time to time to reflect emerging best practices.

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A Sustainable Model for Long-term Value Creation

Our attractive growth trajectory since inception and sustained contribution to the progress of the nation bear testimony to the strength of our business model. As one of India’s biggest commercial enterprises, we continue to evolve our value creation framework in response to the changing expectations of all stakeholders.

Sustainable Model Managing Risk

Managing Risks with Clear Foresight

Our operations are prone to both internal and external risks, which can substantially impact our ability to create value for the short, medium and long term. Our Enterprise Risk Management (ERM) policy and integrated assurance methodologies ensure that we have the right risk resilience mechanism. Our internal processes are strong enough to monitor and manage risks in a holistic manner, taking into cognisance the interests of all stakeholders. Our ERM framework is regularly reviewed in line with the changing risk landscape relevant to our business. Data on risk management is submitted by respective risk owners through internally designed ERM portal in order to enable all users to have access to data on real time basis.

The year 2020-21 witnessed IndianOil registering record profits and during 2021-22 we once again surpassed our best, by notching up the highest-ever revenue and a new record net profit.