Sarkaritel.com News and Features-Corporate News

IOC's Net in Q4 fiscal 2009 at Rs 6,622.96 cr

New Delhi, May 30, 2009

The nation's largest oil firm Indian Oil Corp on Friday reported a net profit of Rs 6,622.96 crore in the fourth quarter of 2008-09 propelling the company to end the fiscal in black.

IOC had posted a net loss of Rs 7,047 crore in Q2 and a net profit of Rs 415 crore in Q1 and Rs 2,959 crore in Q3.

For the fiscal, IOC posted a net profit of Rs 2,599.40 crore, which was lower than Rs 7,912.74 crore in FY'08, IOC Chairman Sarthak Behuria told reporters in New Delhi.

"The profits was possible because of Rs 40,383 crore Special Oil Bonds issued by (the) government and Rs 18,210 crore assistance received from upstream companies," he said.

The government compensates part of the revenue loss on sale of petrol, diesel, domestic LPG and kerosene through issue of oil bonds and upstream assistance.

Behuria said the company had in 2008-09 lost 58,593 crore in revenues on sale of auto and cooking fuel.

After taking into account the bonds and assistance from upstream firms, the net revenue loss was Rs 9,774 crore.

IOC earned USD 4.5 on processing of every barrel of crude in Q4 against gross refining margin of USD 8.67 per barrel in the same period last fiscal.

In 2008-09, IOC earned a GRM of USD 3.69 per barrel against USD 9.02 in the previous year.

He said the easing of international oil prices have helped the company cut its borrowings to about Rs 32,000 crore from Rs 45,000 crore.

IOC had Rs 21,450 crore worth of oil bonds in hand and is expecting to receive Rs 6,200 crore of bonds more for Q4, he said.

IOC's net profit of Rs 6,622.96 crore in the fourth quarter ended 31st March, 2009 was against a net loss of Rs 414.27 crore in the corresponding period a year-ago.

Total income dipped to Rs 60,599.80 crore during the March quarter, from Rs 71,792.82 crore in the same period last fiscal.

For the financial year ended 31st March, 2009, IOC posted a consolidated net profit of Rs 2,599.40 crore, while the same was at Rs 7,912.74 crore in FY 2008.

Total income rose to Rs 2,90,946.19 crore during the fiscal ended March 2009, from Rs 2,32,558.62 crore in FY 2008.

On a standalone basis, IOC posted a net profit of Rs 2,949.55 crore in FY 2009, while it stood at Rs 6,962.58 crore in the year-ago period.

The standalone total income rose to Rs 3,09,087.59 crore during FY 2009, from Rs 2,49,169.16 crore in the previous fiscal. 

E-Mail : newseditor@sarkaritel.com