New Delhi: In a year marred by the COVID-19 pandemic, Indian Oil Corporation (IOC) has posted its highest-ever net profit of Rs 21,836 crore as compared to Rs 1,313 crore during the previous financial year mainly on account of higher inventory gains and higher petrochemical margins during FY21. The state-run oil marketing company (OMC) has reported Revenue from Operations of Rs 5,14,890 crore for the year April-March 2021 as compared to Rs 5,66,354 crore in the corresponding Financial Year 2019-20.
For Q4 of FY21, the Revenue from Operations of IOC was Rs 1,63,606 crore as compared to Rs 1,39,005 crore in the corresponding quarter of FY20. The net profit for the fourth quarter of FY21 was Rs 8,781 crore as compared to a loss of Rs 5,185 crore in the corresponding quarter of FY20, which is due to higher inventory gain and higher petrochemical margin during the current quarter.
The Board of Directors of the Corporation in its meeting held on May 19 has declared a final dividend of Rs 1.50 per equity share (face value: ₹10/- per equity share). For the fourth quarter of FY21, IOC's product sales volumes, including exports, was 22.591 million tonnes (MT). The refining throughput was 17.592 MT and the throughput of the Indian Oil's countrywide pipelines network was 21.849 MT during the same period. IOC also commissioned 3,000 retail outlets across the country in FY21 inspite of the challenges posed by the COVID-19 pandemic.
IOC Chairman, SM Vaidya, said, "Indian Oil sold 81.027 million tonnes of products, including exports, during the year FY21. Our refining throughput for the FY21 was 62.351 million tonnes and the throughput of the Corporation's countrywide pipelines network was 76.019 million tonnes during the year. The gross refining margin (GRM) during the year April – March 2021 was US$ 5.64 per bbl as compared to US$ 0.08 per bbl in previous financial year."
He added that the demand destruction caused by the second wave of the COVID-19 pandemic has been less severe in comparison to the previous wave.