Indian Oil net profit rises 11 times to Rs 6,227 cr in Q2, revenue slips 13%

New Delhi: During the September quarter (Q2) of FY2020-21, Indian Oil has reported an increase of nearly 11 times in net profit at Rs 6,227 crore as compared to Rs 563 crore in the corresponding quarter of FY 2019-20 on account of higher inventory gain and exchange gains during the current quarter against inventory losses in the corresponding quarter of the last year. The revenue from operations of Indian Oil, however, declined 13 percent as it settled at Rs 1,15,749 crore in Q2 of FY 2020-21 as compared to Rs 1,32,377 crore in the corresponding quarter of FY 2019-20.

The revenue from operations for H1 of FY2020-21 was at Rs 2,04,686 crore as compared to Rs 2,82,514 crore in the corresponding period of the previous financial year (FY 2019-20). The net profit for the six months ended September 30 was higher at Rs 8,138 crore as compared to Rs 4,160 crore during the corresponding period mainly on account of higher inventory gain and exchange gains during the current period.

Indian Oil's Chairman SM Vaidya, said, "Indian Oil sold 35.403 million tonnes of products, including exports, during the first six months of the financial year 2020-21. Our refining throughput for the first six months of FY 2020-21 was 26.899 million tonnes and the throughput of the corporation's countrywide pipelines network was 32.364 million tonnes during the year. The gross refining margin (GRM) during the first half of the year 2020-21 was US$ 3.46 per bbl as compared to US$ 2.96 per bbl in the corresponding period of the previous financial year."

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For the second quarter of FY 2020-21, Indian Oil's product sales volumes, including exports, was 18.899 million tonnes. The refining throughput was 13.969 million tonnes and the throughput of the Corporation's countrywide pipelines network was 17.347 million tonnes during the same period.

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