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Indian Oil Corp first quarter net profit falls 50 per cent to Rs 3,624 crore
Indian Oil Corporation (IOC), the country’s largest fuel retailer on Wednesday posted a 50 per cent slump in consolidated net profit at Rs 3,624 crore for the first quarter ended June, on the back of lower refinery margins and product sales.
The company had posted a net profit of Rs 7,176 crore for the quarter ended June 2018.
Revenue from operations during the quarter rose by a marginal 0.44 per cent to Rs 1,52,496 crore, as compared to Rs 1,51,814 crore posted in the corresponding quarter a year ago.
The company’s gross refinery margin (GRM) during the first quarter declined to $4.69 per barrel, as compared to $10.21 per barrel reported in the corresponding quarter a year ago.
The company’s total expenses during the June quarter increased 4.2 per cent to Rs 1,47,953 crore.
IOC’s domestic sales declined to 21.54 million tonne (MT) during the three months ended June 2019 from 21.61 MT posted in the corresponding quarter a year ago. Exports during the quarter declined to 1.10 MT, as compared to 1.24 MT in the corresponding quarter.
Refinery throughput and pipeline throughput during the June quarter declined to 17.28 MT and 21.85 MT, respectively, as compared to the corresponding quarter a year ago.
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