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IOC Q4 net profit jumps 17% to Rs 6,099 crores

However, for the entire financial year, the net profit slumped by 21 percent from Rs 21,346 in FY'2017-18 to Rs 16,894 in FY'2018-19

IOC Q4 net profit jumps 17% to Rs 6,099 crores
IOC Q4 net profit jumps 17% to Rs 6,099 crores

New Delhi: State-run Indian Oil Corporation (IOC) recorded a 17 percent surge in profit to Rs 6,099 crore in the fourth quarter of the financial year that ended on March 31. The state refiner had posted a profit of Rs 5,218 crore in the corresponding year-ago period. However, for the entire financial year, the net profit slumped by 21 percent from Rs 21,346 in 2017-18 to Rs 16,894 in FY2018-19 on account of exchange losses and lower inventory gain.

Revenue for Q4 stood at Rs 144,472 crore

IOC recorded a revenue of Rs 144,472 crore in the fourth quarter of 2018-19 as opposed to Rs 136,716 crore in the corresponding year ago period. Chairman Sanjiv Singh told the press that the oil marketing company (OMC) registered a revenue of Rs 605,924 crore in the financial year 2018-19, a 19.64 percent increase over Rs 506,428 crore revenue posted in 2017-18.

The company attributed the rise in revenue to higher volumes and the value of products sold.

Gross refining margin at $5.41 per barrel

The gross refining margin — the difference between the cost of processing crude and the revenue earned from the sale of finished products — stood at $5.41 per barrel in 2018-19, against $8.49 per barrel in 2017-18.

Indian Oil also registered Rs 2,655 crore as inventory gain in Q4 of financial year 2018-19.

The backdrop

The financial report comes as fuel prices stay steady because of elections for the 17th Lok Sabha. IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) had refrained from raising fuel prices during Karnataka poll campaign as well.