IOC net profit soars to ₹5,941 crore in Q1

Our Bureau New Delhi | Updated on July 30, 2021

SM Vaidya, Chairman   -  Business Line

Revenue from operations were up at ₹1,55,056 crore

Indian Oil Corporation’s net profit grew 211 per cent in the first quarter this fiscal to ₹5,941 crore owing to inventory gains and better petrochemical margins during the period.

In the April-June quarter last year, the company had reported net profit of ₹1,911 crore.

Revenue from operations for the first quarter stood at ₹1,55,056 crore against revenue of ₹88,939 crore in the same period of last year, an IOC release said.

“Indian Oil sold 20.325 million tonnes of products, including exports, during the first quarter of financial year 2021-22. Our refining throughput for Q1 2021-22 is 16.719 million tonnes and the throughput of the Corporation’s countrywide pipelines network is 19.875 million tonnes during the same period,” Indian Oil Chairman SM Vaidya said.

Vaidya further added that the gross refining margin (GRM) during the first quarter of FY22 is $6.58 per bbl compared to $1.98 per bbl in the corresponding quarter of previous financial year. The core GRM for the current period, after offsetting inventory loss/ gain, comes to $2.24 per bbl.

Published on July 30, 2021

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