- Indian Oil Chairman Sanjeev Singh attributed the loss to inventory losses and lower refining margins
- Indian Oil recorded an inventory loss of Rs 14,692 crore in the March quarter of FY2019-20 as compared to an inventory gain of Rs 1,787 crore in the same period a year back
New Delhi: Indian Oil Corporation Limited (IOCL) reported a net loss of Rs 5,185 crore in Q4 of FY2019-20 on the back of a decline in crude oil prices which resulted in inventory losses for the company. The company has posted a net profit of Rs 6,099.27 crore in the corresponding quarter of the previous financial year, Indian Oil Chairman Sanjeev Singh said on Wednesday. He attributed the loss to inventory losses and lower refining margins.
Indian Oil recorded an inventory loss of Rs 14,692 crore in the March quarter of FY2019-20 as compared to an inventory gain of Rs 1,787 crore in the same period a year back, Singh said. The consolidated net loss for Q4 of FY2019-20 stood at Rs 7,782 crore.
Net profit for FY2019-20 drops 92% to Rs 1,313 crore
The net profit for the year ended March 31 dropped 92.2 percent to settle at Rs 1,313 crore as compared to Rs 16,894 crore during the previous financial year, mainly on account of inventory losses and lower refining margins during the current year. Revenue from Operations was at Rs 5,66,950 crore for FY2019-20 as compared to Rs 6,05,932 crore in the financial year 2018-19. The Revenue from Operations of Indian Oil for Q4 was Rs 1,39,619 crore as compared to Rs 1,44,481 crore in the corresponding quarter of FY2018-19.
Indian Oil sold 89.696 MT products in FY2019-20
The Indian Oil Chairman said, “IndianOil sold 89.696 million tonnes of products, including exports, during the financial year 2019-20. Our refining throughput for FY 19-20 was 69.419 million tonnes and the throughput of the Corporation's countrywide pipelines network was 85.349 million tonnes during the year. The gross refining margin (GRM) during the year 19-20 was US$ 0.08 per bbl as compared to US$ 5.41 per bbl in the corresponding financial year. The core GRM for the current year after offsetting inventory loss/ gain comes to $2.64 per bbl.”
For Q4 of FY 19-20, Indian Oil’s product sales volumes, including exports, was 22.206 million tonnes. The refining throughput was 17.103 million tonnes in Q4 FY2019-20 and the throughput of the corporation’s countrywide pipelines network was 20.787 million tonnes during the same period.
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