FY21: Indian Oil posts over two-fold rise in profit in Q3 & April-Dec period on inventory gains

• For Q3, the revenue from operations of Indian Oil was Rs 1,46,599 crore in Q3 2020-21 as compared to Rs 1,44,835 crore in the corresponding quarter of FY 2019-20

• Indian Oil Chairman SM Vaidya said that he is optimistic that demand for petroleum products will reach pre-Covid levels in the next quarter

New Delhi: Due to higher inventory gain and higher petrochemical margin during Q3 of FY2020-21, Indian Oil has posted an over two-fold rise in net profit in both the December quarter and the April-December period. While the net profit for Q3 of FY2020-21 stood at Rs 4,917 crore as opposed to Rs 2,339 crore in the corresponding quarter of FY 2019-20, net profit for the April-December period was Rs 13,055 crore, up from Rs 6,499 crore in the corresponding period of the previous financial year.

The revenue from operations stood at Rs 3,51,285 crore for the period April-December 2020 as compared to Rs 4,27,348 crore in corresponding period of FY 2019-20. For Q3, the revenue from operations of Indian Oil was Rs 1,46,599 crore in Q3 2020-21 as compared to Rs 1,44,835 crore in the corresponding quarter of FY 2019-20. 

The Board of Directors of the Corporation in its meeting held on Friday declared an interim dividend of Rs 7.50 per equity share (face value: Rs 10 per equity share).

Demand for petroleum products will reach pre-Covid level in Q4: Chairman

While remarking that demand for petroleum products had reached near pre-Covid levels in Q3, Indian Oil Chairman SM Vaidya said that he is optimistic that the demand will reach pre-Covid levels in the next quarter. "Indian Oil sold 58.436 million tonnes of products, including exports, during the period April–December 2020. Our refining throughput for the first nine months of FY 2020-21 was 44.759 million tonnes and the throughput of the Corporation's countrywide pipelines network was 54.170 million tonnes during the year. The gross refining margin (GRM) during the period April – December 2020 was US$ 2.96 per bbl as compared to US$ 3.34 per bbl in the corresponding period of the previous financial year," the Chairman told the media during a press conference. 

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For the third quarter of FY 2020-21, Indian Oil's product sales volumes, including exports, was 23.033 million tonnes. The refining throughput was 17.860 million tonnes and the throughput of the Corporation's countrywide pipelines network was 21.806 million tonnes during the same period.

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