IOC Q4 profit moves up by 17 pc to Rs 6099 cr

IOC Q4 profit moves up by 17 pc to Rs 6099 cr

Agency News

New Delhi, May 17: Indian Oil Corporation Ltd on Friday said its fiscal fourth-quarter profit surged 17 per cent to Rs 6,099 crore, on account of higher exchange gain while the state-run retailer had reported a profit of Rs 5,218 crore in the corresponding year-ago period.

The fuel retailer at its annual press conference here stated that it posted a revenue of Rs 144,472 crore in the fourth quarter of 2018-19 as compared to Rs 136,716 crore in the corresponding year ago period. IOC Chairman Sanjiv Singh told reporters that the country’s largest refiner registered an annual revenue of Rs 605,924 crore in the financial year 2018-19, a 19.64 per cent increase over Rs 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 pc to Rs 16,894 crore on account of exchange losses and lower inventory gain.

The reported Revenue from Operations of Indian Oil is Rs 1,44,472 crores in Q4 18-19 as compared to Rs 1,36,716 crores in the corresponding quarter of FY 17-18.  Mr Singh, said, “Indian Oil sold 89.894 million tonnes of products, including exports, during the financial year 2018-19.  "Our refining throughput for FY 18-19 was 71.816 million tonnes and the throughput of the Corporation’s countrywide pipelines network was 88.527 million tonnes during the year. The gross refining margin (GRM) during the year 18-19 was US$ 5.41 per bbl as compared to US$ 8.49 per bbl in corresponding financial year,” he added. (UNI)