Indian Oil Corporation

Investor Presentation
June 2011

Indian Oil Corporation: The Energy of India

Company Overview 2 3 4 5 Attractive Market Dominant Market Leader: The Energy of India Well Defined Strategy Strong Operating & Financial Performance

Conclusion

Company Overview - Corporate History

Merger
IndianRefineriesLtd. IndianOilCompanyLtd.

1958

1959

IndianOilCorporationLtd.1964

IntegratedRefiningand Marketingcompanyin PSUdomain

CompaniesMerged

AssamOilCompany

IOBL

IBPCo.Ltd

BRPL

1981

2006

2007

2009
3

Company Overview Brief Description

Highestranked(125)IndianCompanyinFortuneGlobal500

BoardStructure

ShareholdingPattern

Indiaslargest commercialenterprise Largestrefiner Largestmarketing infrastructure

Largestpipeline network

Notes 1. Shareholding pattern as on 31st March11

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

Business Description

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

Financial Summary

EBITDA Margin (%) ROA/ ROE (%) Debt/ Equity (x) Dividend Payout Ratio (%)

Higher EBITDA in FY10 due to higher inventory & exchange gains.

Notes 1. As on 31st Mrch11, including refineries operated by IOCLs subsidiaries

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 Indian company to cross the INR 1,000 Bn [turnover] mark

Enters petrochemical business by commissioning the worlds largest single train kerosene to LAB unit

IOCLs Mathura refinery becomes Indias first refinery to produce Euro-III Compliant diesel & petrol

Commissioned Indias largest Naptha Cracker Complex

1964

1972

1994

1997

2000

2003

2004

2005

2010

First petroleum product pipeline commissioned: Guwahati-Siliguri pipeline

Commissions Indias first Hydrocracker unit

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

First Indian petroleum company to start overseas retail business

Company enters into the gas business

IOCL is top national oil 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
CAGR 16.5%

328.7

60 50 40 30

75 60 45 30 15.8 15 0 1970 1980 1990 2000 7.8

CAGR 5.3%

65.7 47.5

12 10 8 6 4.0 4 2.0 2 0 0.4 1964 1975 1985 1995 2005

CAGR 7.3%

10.9 9.0

5.4

94.1

20 10 0 2011

28.0

Turnover

2011

2011

Attractive Market: Large Potential in India

Source

BP Statistical Review of World Energy June 2011,

Attractive Market: Large Potential in India

IndiaOneoftheFastestGrowthinOilConsumption
200914ECAGR(%)
5% 4% 4.8% 4.1%

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

(MMT)

(1)

142 140 138

3% 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

112
7.2 6.1

113

110
2.9

6 3 2.7 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 FY11 is provisional

Dominant Market Leader: The Energy of India

1 2 3

The Leader: #1 Refiner in India Indias Energy Lifeline Dominant Pipeline Network Unparalleled Market Reach

Simply The # 1 R&M Player in India

#1: Largest refining capacity in India: about 35% market share #1: Highest petroleum products market share: 46%

Refining

#1
Marketing
#1: 54% of total consumer touch points
Notes 1. As on 31st March 2011

Pipeline

#1:87% downstream market share in crude oil pipelines #1: Largest provider of pipelines for petroleum products: about 49% downstream market share

#1: 89% market share of bulk consumer pumps #1: 52% market share in LPG dealership

10

1 Refining Capacity: Strategically Located Close to Profitable Markets

Access Access to to high high demand demand market market of of North North India India Highest refining capacity Highest refining capacity in in this this region region
Barauni: 6.0 MMT Panipat: 15 MMT

Digboi: 0.7 MMT

Refineries Refineries benefit benefit from from excise excise duty duty concessions concessions Ability Ability to to supply supply to to North North India India markets markets at at low low cost cost by by leveraging leveraging pipeline pipeline network network
Guwahati: 1 MMT

Mathura: 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

Installedcapacity(IOC): Refinery(underconstruction): Subsidiaries:

54.2 15.0 11.50

Refineries owned and operated by IOCLs subsidiary - CPCL Operational refineries of IOCL Under-construction refinery of IOCL

11

The Leader: #1 Refiner in India

Key Highlights
Indian Oil Corporation operates 10 of Indias 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 Jul11) 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

65.7

62.0

24.5 14.8 11.9 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

Morethan100%capacityutilizationforlast5years

Notes 1. As on 31st March 2011

12

PipelinesIndias Energy Life Line

Jalandhar Ambala Roorkee Sangrur Najibabad Panipat Meerut Rewari Dadri Delhi Sanganer Mathura Ajmer Bharatpur Jodhpur Tundla Lucknow Chaksu Bhatinda Kot Sidhpur Kandla Mundra Vadinar Viramgam Dahej Hazira Raipur Paradip Kanpur Chittaurgarh Ahmedabad Ratlam Navagam Koyali
IndianOil owns and operates Indias Largest network of crude & product pipelines Getting closer to the clients with increasing length

Tinsukia Siliguri Bongaigaon Digboi Guwahati

Barauni Ranchi

Rajbandh Durgapur Budge Budge Maurigram Haldia

Pipelines (Existing ) Product

Crude Oil LPG Pipeline R-LNG Pipeline

Bengaluru Chennai Sankari Asanur Trichy

Pipelines (Ongoing)
Product LPG Pipeline

As on 1.4.2011

Madurai
13

Pipelines

Throughput (Million tonne)

Length (KM)

Capacity (MMTPA) 40.40 34.86 75.26

30 70

59.6 57.1 51.7

60

64.5

67.8

Crude Oil Product TOTAL Gas

* MMSCMD

4,366 6,401 10,767 132

50 40

32.4

35.8

38.2

41.5

42.4 Crude oil Product

10*

20 10 0 FY07 Utilization FY08 FY09 Capacity (%)

100 95.8

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 FY07 FY08 FY09 FY10 FY11

14

Marketing
Marketing Touch Points ( about 37,000)

Aviation Fuel Stations (96) LPG Bottling Plants (89)

SKO/LDO Dealers (3,960)

Chandigarh

Bulk Consumer Pumps (7,780)

Terminal/Depots (140)

No.1 oil marketing company 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 : 4 16 66 34 45

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
63 65.3

Domestic

50 57.5 53.4

60.9

40 FY07 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 IOCs 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

NorthEast

Along,Passighat,Ziro Leh,Kargil,LahaulSpiti Andaman,Nicobar,Lakshadweep

Only oil company operating in every partofIndia

Himalayas Islands

RetailOutletatBoathouse

KisanSevaKendraoutletsfor extendingruralreach

ModernXTRAcareROs

17

Well Defined Strategy

1

Reinforcing Competitive Advantage

Building capacity of core refining and pipeline business

5
Increasing Quality & Operational Flexibility
Drive flexibility and efficiency of production capabilities

Investing in the Future

Facilitating R&D and innovation to lead future growth

4
Diversification
Geographic and product expansion to develop sustainable profits

Integration led Value Enhancement

Backward & forward integration for maximum value capturing

18

R & D Providing Cutting Edge

Established in 1972 , Currently 438 scientists & support staff

Lubricant Technology

Biotechnology, Nanotechnology, Alternative Energy

Refining Technology

FuelAdditives Hydrogen & Gasification Polymers& Petrochemicals

19

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 IOCLs processes, products and technologies; endeavour to reduce Companys emissions by 20% to 25% from current levels Licensing the Companys 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 2012 Marine Oils: One of only six oil companies globally to have indigenously developed original equipment manufacturer-approved marine lubricants technology 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 steelmaking. 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%

1,000 567 261 95 0 FYE 07 FYE 08 FYE 09

942

India

52%

42%
USA

23%

Refinery

FYE 10

FYE 11

BudgetedEstimateForFY11

20

Forward Integration - Petrochemicals

Indias one of the major petrochemical player Assets : Value addition to downstream business

21

Diversification to Gas Business

Gas Sales and Turnover(1)

Stakeholder in M/s Petronet LNG Limited (PLL)

City Gas Distribution (CGD)

4 3.5 3 2.5

SalesVolume(MMT) 4,001 Turnover(INRCrore)

4500 4000 3500

2,990

3000
2,884

2500 2000 1500

LNG at Doorstep

Proposed LNG terminal of 5 MMTPA at Ennore

2
1746

2078

1.5 1
1.63 2.30 1.91 1.85 1.90

1000 500 0

0.5 0
2006 07 2008 09 2010 11

Gas pipelines

(1)

Includes sales to IOCs refineries

22

Upstream Integration - Exploration & Production

Discovered:
Domestic Blocks 3 Overseas 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 basin with 100% participating interest and operatorship. For domestic blocks participated mainly with OIL and ONGC For overseas blocks participated mainly with OVL and 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

NUCLEAR

BIOFUELS

5 MW Solar Power Plant Wind Power Project Commissioned at Kachchh, Gujarat in January 2009 Capacity : 21 MW (14 WEGs of 1.5 MW each) IOCL won bid to set up 5 MW Solar PV Power Plant at Barmer, Rajasthan under Jawaharlal Nehru National Solar Mission

Nuclear Power JV Company incorporated to put up Nuclear Power Plants in India Equity participation (26%) in Rawatbhata (RAPP 7/8, 700*2 MWs) Rajasthan Energy Crop Plantation Captive plantation for Jatropha in India Chhattisgarh, Jhabua, MP : 6070Ha UP: Plantation under MNREGS funded Public-PrivatePanchayat Partnership (P4) model: 10 ha completed Proposed to extend plantation upto 50,000 ha.

Empowering Rural India Over 30,000 solar lantern sold from Retail Outlets (ROs), LPG Distributors for lighting rural home / shops For poorer villagers, 3 Solar Charging Stations installed at pilot basis to centrally charge lanterns for renting to customers

Considering further investment in wind power projects

24

Subsidiaries - Beyond Boundaries

75.11 % stake holding Storage, Terminaling and Retail trade Turnover (2010-11) INR 2090 crore Ranked No. 1 Company in Sri Lanka by Lanka Monthly Digest for the third consecutive year

Lanka IOC Limited, Sri Lanka (2002)

Major OVERSEAS IndianOil IOC 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

Domestic Subsidiaries

IOTInfrastructure&EnergyServicesLtd(50%,1996)

AviOilIndiaPvt.Ltd(25%,1993) PetronetLNGLtd.(12.5%,1998)

IndianOil CREDA Biofuels Limited (2009)

74 % Stake holding Amount of Investment by IOC: INR 0.74 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

Major Major Joint Joint Ventures Ventures

IndianOilPetronasPvt.Ltd.(50%,1998)

LubrizolIndiaPvt.Ltd.(50%,2000)

GreenGasLtd.(25%,2005)

IndianOilSkytankingLtd.(33.33%,2006)

IndoCat(P)Ltd.(50%,2006)

* Became subsidiary of IndianOil

26

Financial Performance

27

Financial Performance

TURNOVER
(INR / bn)
3,500 3,000 2,475 2,500 2,000 1,500 FY07 FY08 FY09 FY10 FY11 2,208 2,854 3,287

EBITDA(1)
(INR / bn)
200 175 150 2,711 125 100 75 50 25 0 FY07 FY08 FY09 FY10 FY11 146 143 113 189 163

NET PROFIT
(INR / bn)
125 102 100 75 75 50 30 25 0 FY07 FY08 FY09 FY10 FY11 70 74

NET WORTH
(INR / bn)
600 506 500 411 400 300 200 FY07 FY08 FY09 FY10 FY11 349 553

GRMs(3)
($/ bl)

PIPELINES EBITDA(2)
(INR./ bn)

10.0 8.0

9.0

40 35 5.9 35 33 29 25 25 20 26

440 6.0 4.2 4.0 2.0 0.0 FY07 FY08 FY09 FY10 3.7 4.5

30

FY11

FY07

FY08

FY09

FY10

FY11

(1)Including interest income (2)Excluding interest income (3)GRMs for FY07 & FY08 does not include Bongaigaon GRMs

28

Financial Performance

Total Debt to Equity

1.2 1.0 0.8 0.6 0.4 0.8 0.9

Long Term Debt to Equity

(x)

Debt to Investments Ratio(1)

1.4
0.3
(x)

1.0 0.9

0.4 0.95 0.3 0.2 0.1 0.3 0.3

0.4

0.4

1.3 1.1 1.1

1.2 1.0 1.0 0.8 0.6 0.4 0.2 0.9

0.2 0.0 FY07 FY08 FY09 FY10 FY11 0.0 FY07 FY08 FY09 FY10 FY11

0.0 FY07 FY08 FY09 FY10 FY11

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

424

402

1,100 387 1,000 900 800 700 600 500 400 660 592 805 934

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

Note 1. 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

19.0

22.6

TOTAL GOVT. OF INDIA SUPPORT

25.8
13.9
0.6

14.3 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 FY10 & FY11

30

Investments - Fuelling the growth

Five Year Plan
INR crore 11th Plan (Anticipated) Capital Expenditure

52,000
2007-08 Plan Expenditure Non Plan Expenditure 2008-09 2009-10 5,142 10,353 12,256 9,831

INR crore 2010-11 2011-12*

14,500

1,874 7,016

1,678 12,031

2,007 14,263

2,588 12,419

4,440 18,940

9th Plan

10th Plan

Total
* Budgeted Estimate

12,886

17,930

31

Major ongoing projects

Projects-Refinery Anticipated Outlay (INR crore) 29,777 294 1,646 1,000 Objective To meet domestic demand & export of surplus product To produce BS-III quality MS To produce BS-III quality HSD To increase processing capacity of unit from 1.3 to 1.5 MMTPA & maximize production of value added propylene Designed to produce 138 MTPA of Butadiene to be used as feedstock for SBR project at Panipat Anticipated Completion Nov12 July11 June11 Jan13

Paradip Refinery MS Quality Upgradation Project at Bongaigaon Refinery DHDT at Bongaigaon Refinery Fluidized Catalytic Cracking Unit at Mathura Refinery

Butadiene Extraction Unit at Panipat Total (a):

342 33,059

Feb13

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 Dec11 Sep12 Dec12 Jun12 Oct11 Dec13

32

Human Capital: Assets of IndianOil

33 33 33

Human Capital: Assets of IndianOil

34,105

IndianOilPeople towards excellence

As 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 IndianOil Initiatives

Emissions control

Tree plantation

Effluent treatment

CDM projects
37

Care for Environment

Environment Management Systems at refineries, pipelines and major marketing installations certified under ISO-14001 standards Best procedures & practices of industry in place at all operating units to take care of Safety, Occupational Health & Environmental Issues Expected to generate 60,000 CERs per annum through various CDM projects planned in refineries Decline of ~22% is witnessed in effluent discharge (per TMT of crude oil) from refineries in 2010-11 compared to 2009-10.

38

Corporate Social Responsibility

LPG connections to BPL families under RGGLVY (20%)

2%ofretainedprofitof previousyearforCSR

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

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 Indias largest Naphtha Cracker Unit

Manufacturing Excellence 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

Conclusion The # 1 R&M Player in India

Refining Capacity
(MMT)
75. 0 6 5. 7 6 2 .0 6 0 .0

Crude Pipelines
(MMT)
50 40 40

Retail Outlets
(No.)
6.7x
2 0 ,0 0 0 16 ,0 0 0 19 ,4 6 3

1.1x

1.9x

4 5. 0

30 20
14 .8 12 .0

12 ,0 0 0 8 ,0 0 0

10 ,2 12

9 ,2 9 0

3 0 .0

2 4 .5

15. 0

10 . 5

10 0

4 ,0 0 0 0

0 .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)
75 65 60

Product Pipelines
(MMT)
40 35 30

LPG Distributors
(No.)
1.4x 2.1X
6 ,0 0 0 5 ,4 5 6

2.2x

26

4 ,0 0 0 2 ,6 3 3 10 2 ,0 0 0 2 ,4 5 2

45 30 28 20 26 10

15 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

Conclusion Integrated Operations

Petrochemicals

Gas

Refining

Wind

Nuclear Pipelines

Solar Marketing
43

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

0.3

1.2 1.0 1.0 0.8 0.6 0.4 0.2 0.0 0.9

FY09

FY10

FY11

FY07

FY08

FY09

FY10

FY11

Notes 1.

[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

44

45 45