Indian Oil Q2 Results: Net Profit Jumps More Than Threefold, Sales Up 37%

Sarkaritel
By Sarkaritel October 30, 2020 16:44

Indian Oil Q2 Results: Net Profit Jumps More Than Threefold, Sales Up 37%


New Delhi, October 30, 2020: IndianOil reported Revenue from Operations of ₹2,04,686 crores for the first half of Financial Year 2020-21 as compared to ₹2,82,514 crores in corresponding period of Financial Year 2019-20. The Net Profit for the six months ended 30th September 2020 is higher at ₹8,138 crores as compared to ₹4,160 crores during the corresponding period mainly on account of higher inventory gain and exchange gains during current period.

The Revenue from Operations of IndianOil is ₹1,15,749 crores in Q2 2020-21 as compared to ₹1,32,377 crores in the corresponding quarter of FY 2019-20. The Net Profit for the second quarter of FY 2020-21 is ₹6,227 crores as compared to ₹563 crores in the corresponding quarter of FY 2019-20 which is due to higher inventory gain and exchange gains during current quarter against inventory losses in corresponding quarter of last year.

IndianOil Chairman, Mr. S. M. Vaidya, said, “IndianOil sold 35.403 million tonnes of products, including exports, during the first six months of financial year 2020-21. Our refining throughput for first six months of FY 2020-21 was 26.899 million tonnes and the throughput of the Corporation’s countrywide pipelines network was 32.364 million tonnes during the year. The gross refining margin (GRM) during the first half of year 2020-21 was US$ 3.46 per bbl as compared to US$ 2.96 per bbl in corresponding period of previous financial year.

For the second quarter of FY 2020-21, IndianOil’s product sales volumes, including exports, was 18.899 million tonnes. The refining throughput was 13.969 million tonnes and the throughput of the Corporation’s countrywide pipelines network was 17.347 million tonnes during the same period.”

Sarkaritel
By Sarkaritel October 30, 2020 16:44