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IndianOil Q2 net profits at Rs.
3,050 cr
New Delhi, October 29, 2006 Indian Oil Corporation Ltd.
(IOC) has registered a net operating profit of Rs. 3,050 crore for the second
quarter of the current financial year ended September 2006 as compared to Rs.
949 crore for the same quarter in the previous year. The operating profit of Rs.
3,050 crore for the second quarter of the current financial year includes Rs.
7,168 crore, being approval received from the Government of India for issuance
of Oil Bonds in lieu of under-realisation suffered by the Corporation.
The Corporation's Gross Turnover for the same period moved up by 26.32%, to
Rs.55,134 crore from Rs. 43,645 crore. The throughput of its refineries and
pipelines network for the quarter at 10.51 million tonnes and 12.67 million
tonnes respectively was higher than that of the corresponding quarter of the
previous year. The unaudited financial results of the Corporation were taken on
record at the meeting of the Board of Directors here today.
For the first six months ended Sept. 2006, the Corporation's net profit was
Rs. 4,831 crore as against Rs. 891 crore for the same period of the previous
year. The net profit of Rs. 4,831 crore for the half year ending Sept. 2006 is
after considering Rs. 7,168 crore, being approval received from the Government
of India for issuance of Oil Bonds in lieu of under-realisation suffered by the
Corporation and one-time capital gain of Rs. 3,225 crore on sale of 20% equity
investment in ONGC.
According to Sarthak Behuria, Chairman, IndianOil, the under-recovery on all
the four products during the first half of the current fiscal was Rs. 2,462
crore (after considering GOI Bonds of Rs. 7,168 crore) as compared to Rs. 5,627
crore in the corresponding period of the previous year. The Corporation's Gross
Turnover moved up by 25.93%, to Rs.1,08,297 crore during the first half of
2006-07 from Rs. 85,999 crore for the corresponding period of the previous year.
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