IOCL reports H1 FY lower revenue of Rs 2.82 lakh crore

Sarkaritel
By Sarkaritel October 31, 2019 10:30

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By Prakash Bhargava

New Delhi, Oct 31 — IndianOil Corporation Ltd (IOCL) on Thursday reported revenue from operations of Rs 282,511 crore for the first half of Financial Year 19-20 as compared to Rs 301,313 crores in corresponding period of Financial Year 18-19.

In the same period, net profit too dropped at Rs 4,160 crore as compared to Rs 10,078 crore mainly on account of lower refining margins, lower inventory gain during current period partly offset by lower exchange losses.

The revenue from operations totalled Rs 132,376 crore in Q2 2019-20 as compared to Rs 151,567 crore in the corresponding quarter of FY 18-19.

Profit for the second quarter of FY 19-20 was Rs 564 crore as compared to Rs 3,247 crore in the corresponding quarter of FY 18-19. The variation is majorly on account of inventory loss during current quarter against inventory gain during corresponding quarter of previous financial year.

“IndianOil sold 44.081 million tonnes of products including exports during the first six months of financial year 2019-20,” said IndianOil Chairman Sanjiv Singh.

“Our refining throughput for first six months of FY 19-20 was 34.820 million tonnes and the throughput of countrywide pipelines network was 43.600 million tonnes during the year. The gross refining margin (GRM) during the first half of year 19-20 was 2.96 dollars per barrel as compared to 8.45 dollars per barrel in corresponding period of previous financial year.”

For the second quarter of FY 19-20, IndianOil’s product sales volumes including exports was 21.423 million tonnes. Singh said the refining throughput was 17.537 million tonnes in Q2 19-20 and the throughput of the Corporation’s countrywide pipelines network was 21.749 million tonnes during the same period.

Sarkaritel
By Sarkaritel October 31, 2019 10:30