NEW DELHI: State-run Indian Oil Corp. Ltd (IOC) on Friday said its fiscal fourth-quarter profit surged 17% to ₹6,099 crore, driven by higher exchange gains. IOC had reported a profit of ₹5,218 crore in the corresponding year-ago period.
The state run fuel retailer posted a revenue of ₹144,472 crore in the fourth quarter of 2018-19 as compared to ₹136,716 crore in the corresponding year ago period.
This comes against the backdrop of diesel and petrol retail prices in the country remaining subdued as the elections for the 17th Lok Sabha are on. IOC and the two other state-run firms—Bharat Petroleum Corp. Ltd and Hindustan Petroleum Corp. Ltd—has also refrained from raising prices while the Karnataka poll campaign was on.
Chairman Sanjiv Singh told reporters that the country’s largest refiner registered an annual revenue of ₹605,924 crore in the financial year 2018-19, a 19.64% increase over ₹506,428 crore revenue posted in 2017-18. The increase in revenue was on account of higher volumes and value of products sold. However, the net profit for the year fell by 21% to ₹16,894 crore on account of exchange losses and lower inventory gain.
The gross refining margin— the difference between the cost of processing crude and the revenue earned from the sale of finished products—was $5.41 per barrel in 2018-19, against $8.49 per barrel in 2017-18.
IOC also registered ₹2,655 crore as inventory gain in the quarter ended March.
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