IOT Doubles Its Consolidated PAT

IOT Infrastructure & Energy Services Ltd., a joint venture between Indian Oil Corporation (IOC) and Oiltanking GmbH, Germany, one of the world’s leading independent tank terminalling companies, has reported a much-anticipated turnaround to post a consolidated PAT of around Rs. 100-crore for FY18.

“As a stakeholder at IOT, I’m extremely happy and excited to see IOT turn around, displaying exponential growth in profitability. IOT’s 20 years of expertise in midstream terminalling & infrastructure has cultivated an image of being a reliable partner, not only as a custodian of our products, but also as a designer & operator of world-class facilities in the energy sector. It continues to be a valuable service provider in the Indian oil & gas space,” Mr. Sanjiv Singh, Chairman of IOT and IOC said.

Mr. Vivek Venkatachalam, Managing Director, IOT noted that the company has inked a Memorandum of Understanding with the Maharashtra Government for a new petroleum terminal and is focusing on developing more such storage facilities for the oil sector.

As on date, IOT is operating 10 terminals in India through various business models including BOO/BOOT (Build, Own, Operate/Transfer) and O&M.

“The infrastructure sector has been going through challenging times over the past few years. It is a matter of pride that IOT weathered the storm to turn around the company and met Shareholders’ expectations of sustained profitability, a fact amply vetted by our credit ratings being upgraded to AA. The journey was not easy as we had to choose what we would do and what we would not, which meant proactively managing our business portfolio. I am glad that this has yielded good results, consistent with our efforts in the past few years,” he added.