IOC Q1 profit jumps 25% to Rs8,269 crore, to issue bonus shares
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New Delhi: State-run refiner Indian Oil Corp. on Monday reported a 25% jump in net profit in the April-June quarter at Rs.8,269 crore on account of inventory gains and strong petrochemical margins.
Total income from operations fell 5.7% in the quarter to Rs.1 trillion. Indian Oil director (refineries) Sanjiv Singh said the company, which maintains an inventory of 45 days in its entire operational chain from crude oil purchase to retail operations of auto fuel, made an inventory gain of Rs.7,479 crore.
Refining margin during the quarter stood at $9.98 a barrel compared to $10.77 a barrel in the same period a year ago. Domestic sale of fuel increased to 20.4 million tonnes in the first quarter compared to 19.4 million in the same period a year ago.
Singh said all of the company’s Rs.1,331.69 crore revenue loss on sale of subsidised kerosene during the quarter was reimbursed by the government. Indian Oil also declared a 1:1 share bonus.