Sunday, August 7, 2022

Indian Oil Corp’s net profit drops by 83% y-o-y in Q2

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New Delhi: State refiner Indian Oil Corporation’s (IOC) net profit for Q2 of financial year 2019-20 dropped by 83 percent to settle at Rs 564 crore as compared to Rs 3,247 crore in the corresponding quarter of FY 18-19. Indian Oil’s Revenue from Operations stood at Rs 1,32,376 crores in Q2 of 2019-20 as compared to Rs 1,51,567 crores in the corresponding quarter of FY 18-19. The variation is majorly on account of inventory loss during the current quarter against inventory gain during corresponding quarter of previous financial year, the state refiner said. The Q2 fall comes after the standalone Q1 performance for FY’20 saw Indian Oil profit dip by around 50 percent.

Indian Oil records 59% dip in profit in H1 y-o-y

IOC’s net profit for the first half of Financial Year 2019-20 has dipped by around 59 percent as it stood at Rs 4,160 crores when compared to Rs 10,078 crores during the corresponding period of the previous fiscal. Indian Oil attributed the decline to lower refining margins and lower inventory gain during the current period partly offset by lower foreign exchange losses. The Revenue from Operations also declined to Rs 2,82,511 crores for the first half of financial year 2019-20 as compared to Rs 3,01,313 crores in the corresponding period of financial year 2018-19.

‘Indian Oil sold 44.081 million tonnes of products’

Indian Oil Chairman, Sanjiv Singh, said, “Indian Oil sold 44.081 million tonnes of products, including exports, during the first six months of financial year 2019-20. Our refining throughput for first six months of FY 19-20 was 34.820 million tonnes and the throughput of the Corporation’s countrywide pipelines network was 43.600 million tonnes during the year. The gross refining margin (GRM) during the first half of year 19-20 was US$ 2.96 per bbl as compared to US$ 8.45 per bbl in the corresponding period of previous financial year.”

For the second quarter of FY 19-20, Indian Oil’s product sales volumes, including exports, was 21.423 million tonnes. The refinery throughput was 17.537 million tonnes in Q2 19-20 and the throughput of the Corporation’s countrywide pipelines network was 21.749 million tonnes during the same period.

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