The Hindu Business Line : IndianOil net rises 11% to Rs 1,468 cr

Higher earnings: The IOC Chairman, Mr Sarthak Behuria (left), and Director, Finance, Mr S.V. Narasimhan, at a press conference in the Capital on Monday. The company’s net profit for the June quarter grew 11 per cent at Rs 1,468 crore. The rupee appreciation has boosted the oil PSU’s bottomline

Our Bureau

New Delhi, July 30 Gains from rupee appreciation and good refinery margins helped Indian Oil Corporation Ltd (IOC) register an 11 per cent rise in net profit for the first quarter of the current fiscal at Rs 1,468 crore against Rs 1,321.82 crore in the samequarter last year.

“Profit for the quarter including the impact of exchange gain stood at Rs 1,134 crore compared with exchange loss of Rs 498 crore during the same quarter last year,” Mr Sarthak Behuria, IOC Chairman, told newspersons after the board meeting. The sales turnover for the first quarter increased by 9.5 per cent to Rs 58,205 crore (Rs 53, 142 crore). IOC also registered high refinery margins during the quarter. The refinery margins are revenue earned from processing crude. The average gross refinery margins during the quarter ended June 30, 2007 was $10.70 per barrel against $6.70 per barrel in the same quarter last year.

During the quarter, IOC suffered a net underrealisation on sales of petrol, diesel, kerosene and liquefied petroleum gas, which stood at Rs 4,879 crore compared with the year-ago period.“We are losing about Rs 90 crore per day on sales of petrol, diesel, LPG and kerosene. But for the rupee appreciation the revenue loss would have been almost double,” he said.

The underrealisation on petrol is Rs 5.88 a litre on petrol, diesel Rs 4.80, Rs 14.63 per litre on kerosene and Rs 189.14 per LPG cylinder, he said.

IOC’s total income increased 11.74 per cent to Rs 54,553.01 crore for the first quarter ended June 30, from Rs 48,819.68 crore a year ago. IOC sold 14.68 million tonnes (mt) of petroleum products including gas in the domestic market, besides exporting 0.93 mt in the first quarter. Its seven refineriesachieved a throughput of 12.02 mt.

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