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Indian Oil Corporation Ltd has reported a 47 per cent fall in net profit to Rs 3,596 crore for the first quarter of financial year 2019-2020. The company had reported a Rs 6,831 crore net profit in the first quarter of the financial year 2018-2019. The variation is due mainly to lower inventory gain during the quarter, the company said.
The lower profit was despite revenue flat-lining at Rs 1,50,135 crore during the quarter under review. This is marginally higher by 0.26 per cent from the Rs 1,49,747 crore revenue reported by the company in the corresponding quarter of the preceding financial year.
IOCL Chairman, Sanjiv Singh said, “IndianOil sold 22.658 million tonnes of products, including exports, during the first quarter of financial year 2019-2020. The gross refining margin (GRM) during the first quarter of fiscal 2019-2020 was $4.69 per barrel as compared to $10.21 per barrel in the corresponding quarter of the previous financial year.”
GRM is a measure of the gain per barrel of crude oil processed by the refiner. The GRM, excluding inventory gain/loss and price lag for the quarter under review, is $2.27 a barrel as compared to $5.18 a barrel in the same quarter of the previous year, a company statement said.
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