IOC registers Rs 2,339 cr profit in Q3

IOC registers Rs 2,339 cr profit in Q3

Agency News

New Delhi, Jan 30 : Indian Oil registered profit for the third quarter of FY 19-20 at Rs 2,339 crore as compared to Rs 717 crore in the corresponding quarter of FY 18-19. IOC reported revenue from operations of Rs 4,27,331 crore for the first nine months as compared to Rs 4,61,451 crore last 6ear.

The net profit is lower at Rs 6,499 crore as compared to Rs 10,795 crore mainly on account of lower refining margins. The revenue from operations is Rs 1,44,820 crore in compared to Rs 1,60,138 crore.

Profit is Rs 2,339 crore as compared to Rs 717 crore. The variation is majorly on account of inventory gain during current quarter against inventory loss during corresponding quarter of previous financial year partly offset by lower refining margins and exchange losses during current quarter.

Indian Oil Chairman Sanjiv Singh said, “Indian Oil sold 67.490 million tonnes of products, including exports, during the first nine months. Our refining throughput for was 52.316 million tonnes and the throughput of the corporation’s countrywide pipelines network was 64.562 million tonnes during the year."(UNI)