SM Vaidya steps down as Indian Oil Corp's chairman as tenure ends

S M Vaidya on Saturday stepped down as chairman of Indian Oil Corporation (IOC) at the conclusion of his tenure.

"A chemical engineer with over 37 years of experience, Vaidya has been a pivotal force in steering IndianOil to unprecedented heights," the company said in a statement.

Since taking over the reins in July 2020, Vaidya led IOC through a period of extraordinary growth. Under his leadership, the company's net profit surged from Rs 1,313 crore in FY20 to an all-time high of Rs 39,619 crore in FY24.

Revenue from operations also saw a significant growth, rising by 53 per cent from Rs 5,66,354 crore to Rs 8,66,345 crore during the same period. Additionally, IOC's market capitalisation tripled, reaching its highest levels ever in February 2024.

His tenure was marked by his commitment to innovation, sustainability, and operational excellence.

He championed the development of specialised fuels such as 'STORM' & 'STORM-X', the ultimate racing fuels; India's first 100-octane fuel,