Mumbai: May 11: IOT doubles its consolidated PAT. IOT Infrastructure & Energy Services Ltd. in its Annual Board Meeting approved the audited financials for FY 2018, highlighting a much anticipated turnaround for the company that withstood strong headwinds in the Energy & Infrastructure sector, to post a consolidated PAT of around Rs. 100 Crore.
Mr. Sanjiv Singh, Chairman of IOT Board and IndianOil Chairman welcomed IOT’s turnaround and doubling of profits. Reflecting on IOT’s journey, he said, “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.”
Speaking on the financials, Vivek Venkatachalam, Managing Director, IOT said, “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”. The company has pioneered and continues to give Oil Marketing Companies (OMCs), a business model offering its best technology and talent to store and distribute fuel products to retailers, letting OMCs focus on their core strengths.
Speaking on IOT’s way ahead, Vivek added, “We have rebuilt a strong foundation backed with world class talent and we are positioned well to capture growth across all product lines in the Indian Energy Market.” IOT inked a Memorandum of Understanding with the Maharashtra Government for a new Petroleum Terminal and are focusing on developing more such Storage facilities for the oil sector.