Revision in Cash Management System at Indian Oil Corporation Limited

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Case Details:

Case Code : FINC075
Case Length : 17 pages
Period : 2007-2011
Pub. Date : 2012
Teaching Note : Not Available
Organization : Indian Oil Corporation Limited
Industry : Petroleum and Petrochemicals
Countries : India

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Indian Oil Corporation Ltd. (IOCL) was India's largest company by sales with a turnover of Rs1. 2710.740 billion and profit of Rs. 102.210 billion for the year 2009-10. Considered an important pillar of the Indian Economy, IOCL was India's largest commercial enterprise and flagship national oil company and downstream petroleum major. It operated the largest and widest network of fuel stations in the country. In 2010, IOCL had a market share of 41% in refining, 54% in product pipelines, and 46% in the petroleum products market. By financial year 2010-11, IOCL had 14 products, besides delivering excellent quality services and loyalty programs such as "extra care", extra rewards", and "extra premium easy fuel cards".

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It was a major supplier to core sectors such as the Army, the Railways, State Road Transport Corporations, the Air Force, the Navy, Power, and Aviation. IOCL revised its Cash Management System or Treasury Management System in the year 2006-07.

Management of cash is extremely crucial for any organization as mismanagement can lead to financial distress. Cash management helps in short-term stability and long-term survival. In order to handle business effectively and grow in terms of quantum sales and profits, it is essential for a company to establish an adequate and positive cash flow order.

IOCL started with centralizing the whole collection system and slowly moved toward centralization of the complete payment system. This was a sign of further flexibility in treasury functions.

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1] Rs.= Indian Rupees. As of 2011, US$1 was approximately equal to Rs.50.

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