Q3: IndianOil net profit drops nearly 40% y-o-y in first 9 months of FY20

The net profit of IndianOil for the first nine months of FY 2019-20 has dropped by nearly 40 percent year-on-year to settle at Rs 6,499 crore

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New Delhi: The net profit of IndianOil for the first nine months of FY 2019-20 has dropped by nearly 40 percent (39.8 percent) to settle at Rs 6,499 crore as compared to Rs 10,795 crore during the corresponding period of the previous fiscal, the company's financial results for Q3 showed. The oil PSU attributed the decline to lower refining margins.

However, IndianOil fared better in Q3 quarter-on-quarter as profit in the December quarter of FY19-20 jumped three-fold to Rs 2,339 crore when compared to Rs 717 crore in the corresponding quarter of FY 18-19.

Revenue from operations at IndianOil drops in Q3

The Revenue from Operations of IndianOil was at Rs 1,44,820 crore in Q3 FY19-20 as compared to Rs 1,60,138 crore in the corresponding quarter of FY 18-19. The variation is majorly on account of inventory gain during current quarter against inventory loss during corresponding quarter of previous financial year partly offset by lower refining margins and exchange losses during current quarter.

For the April-December period of FY 2019-20, however, IndianOil has recorded a recorded a 7.38 percent drop in revenue from operations. The oil PSU's revenue from operations stood at Rs 4,27,331 crore for the April-December period of Financial Year 2019-20 as compared to Rs 4,61,451 crore in the corresponding period of FY18-19.

'IndianOil sold 67.490 MT of products'

IndianOil Chairman Sanjiv Singh, said, "IndianOil sold 67.490 million tonnes of products, including exports, during the first nine months of financial year 2019-20. Our refining throughput for the first nine months of FY 19-20 was 52.316 million tonnes and the throughput of the corporation's countrywide pipelines network was 64.562 million tonnes during the year. The gross refining margin (GRM) during the first nine months of year 19-20 was US$ 3.34 per bbl as compared to US$ 5.
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83 per bbl in corresponding period of previous financial year."

For the third quarter of FY 19-20, IndianOil's product sales volumes, including exports, was 23.409 million tonnes. The refining throughput was 17.496 million tonnes in Q3 19-20 and the throughput of the corporation's countrywide pipelines network was 20.962 million tonnes during the same period.