IndianOil net profit up 50% on higher inventory gains

IndianOil net profit up 50% on higher inventory gains

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Indian Oil Corporation (IndianOil) has reported a ₹ 6,831 crore profit for the first quarter of financial year 2018-2019. This is 50.16 per cent higher than the ₹ 4,549 crore profit reported in the corresponding quarter of financial year 2017-2018.

A company statement said, “The variation is majorly on account of higher inventory gains of ₹ 7,866 crore during the current quarter, which is partly compensated by lower refining margins and exchange losses,”

IndianOil Chairman, Sanjiv Singh, said, “The Gross Refining Margin (GRM) for the first quarter of 2018-2019 was $ 10.21 per bbl as compared to $ 4.32 per bbl in the corresponding quarter of 2017-2018.”

Gross Refining Margin excluding inventory gains/ losses and price lag for the quarter was $ 5.18/bbl as compared to $6.44/bbl during the corresponding quarter of the previous year, a company statement said.

The company’s revenue from operations for the quarter ended 30th June 2018 was ₹ 1,49,747 crore as compared to ₹ 1,26,396 crore adjusted for impact of GST in the corresponding quarter of financial year 2017-2018.

Singh also said that IndianOil sold 22.866 million tonne (mt) of products, including exports, during Q1 2018-19. The refining throughput for Q1 2018-19 was 17.666 mt and the throughput of the Corporation’s countrywide pipelines network was 22.852 mt during the same period.

Domestic sales for the quarter ended June 30, 2018 has increased to 21.618 mt as against 20.736 mt in the corresponding quarter of the financial year 2017-18, registering a growth of 4.3 per cent.

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