Indianoil Net Profit for the year ended 31st March 2020 at ₹1,313 crores

Sarkaritel
By Sarkaritel June 24, 2020 17:44


New Delhi— State owned Oil Major Indian Oil recorded the worst ever financial performance in the last quarter as well as financial year mainly due to Inventory losses, consequently lower refining margins.

Losses in the fourth quarter of 2019-20, dipped to Rs 5185 crores as against profit of Rs 6099 crore in the corresponding quarter of FY 2018-19.

Indian Oil reported Revenue from Operations of Rs 5,66,950 crores for the Financial Year 19-20 as compared to Rs 6,05,932 crores in corresponding Financial Year 18-19.

Meanwhile various financial agency has downgrade its rating fearing shrink in financial strength.

The Net Profit for the year ended 31st March 2020 is lower at

Rs1,313 crores as compared to Rs16,894 crores during the corresponding year mainly on account of inventory losses and lower refining margins during current year. Inventory losses stood at Rs 12531 crore against profit of Rs 3227 crore.

The Revenue from Operations of Indian Oil is 1,39,619 crores in Q4 19-20 as compared to 1,44,481 crores in the corresponding quarter of FY 18-19. Loss for the fourth quarter of FY 19-20 is *5,185 crores as compared to profit of $6,099 crores in the corresponding quarter of FY 18-19. The variation is majorly on account of inventory losses and lower refining margins during current quarter.

Indian Oil Chairman, Mr. Sanjiv Singh, said, “Indian Oil sold 89.696 million tonnes of products, including exports, during the financial year 2019-20. Our refining throughput for FY 19-20 was 69.419 million tonnes and the throughput of the Corporation’s countrywide pipelines network was 85.349 million tonnes during the year. The gross refining margin (GRM) during the year 19-20 was US$ 0.08 per bbl as compared to US$ 5.41 per bbl in corresponding financial year. The core GRM for current year after offsetting inventory loss/ gain comes to $2.64 per bbl.”

For the fourth quarter of FY 19-20, Indian Oil’s product sales volumes, including exports, was 22.206 million tonnes. The refining throughput was 17.103 million tonnes in Q4 19-20 and the throughput of the Corporation’s countrywide pipelines network was 20.787 million tonnes during the same period.

Sarkaritel
By Sarkaritel June 24, 2020 17:44