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IndianOil profit jumps 51 per cent
August 13, 2018
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MUMBAI: State-run Indian Oil Corporation (IndianOil) on Saturday posted a consolidated net profit of Rs7,175.59 crore, up 51 per cent year-on-year, for the quarter ended June 30, 2018.

The consolidated net profit for the corresponding quarter of the previous fiscal stood at Rs4,736.15 crore, the company said in a BSE filing.

The country’s largest oil marketer registered a total income of Rs1.52 lakh crore for the April-June quarter, a hike of 15 per cent from Rs1.32 lakh crore in the year-ago quarter.

“IndianOil sold 22.866 MMT (million metric tonnes) of products, including exports, during Q1 2018-19,” IndianOil Chairman Sanjiv Singh was quoted as saying in a statement.

“Our refining throughput for Q1 2018-19 was 17.666 MMT and the throughput of the corporation’s countrywide pipelines network was 22.852 MMT during the same period.”

According to the company, its Gross Refining Margin (GRM) for the first quarter was $10.21 per bbl as compared to $4.32 per bbl in the corresponding quarter of 2017-18.

The company’s standalone net profit for the quarter under review increased to Rs 6,831 crore as against Rs 4,549 crore reported for Q1 2017-18.

The company’s standalone revenue from operations increased by 16.8 per cent to Rs149,747 crore.

“The variation is majorly on account of higher inventory gains of Rs7,866 crore during the current quarter, which is partly compensated by lower refining margins and exchange losses,” Indian Oil said.

Inventory gains result when a company buys crude oil (raw material) at a particular price but by the time it is able to transport it to its refinery and turn it into fuel, international rates have moved up. Since fuel is priced at prevailing benchmark international rate, an inventory gain is booked. In case of reverse, inventory loss is booked.

Revenue

Indian Oil ‘s Q1 results showed revenue from operations, or turnover, rose to Rs149,747 crore in Q1, FY19 from Rs128,183 crore in Q1, FY18. The oil marketing company (OMC) earned $10.21 on turning every barrel of crude oil into fuel in the quarter as compared to $4.32 per barrel gross refining margin (GRM) in the year-ago period. Excluding the inventory gain, the GRM stood at $5.18 per barrel in Q1 compared to $6.44 a barrel a year ago.

In Q1 FY18, the company had booked inventory losses and so GRM excluding them is higher.

According to chairman Sanjiv Singh, Indian Oil sold 21.6 million tonnes of petroleum products in the domestic market during Q1, up 4.3 per cent over 20.7 million tonnes a year ago. Its refineries processed 17.6 million tonnes of crude, marginally higher than 17.5 million tonnes throughput in Q1, FY18. Pipeline throughput was up 7 per cent at 22.8 million tonnes.

Indian Oil’s debt stood at Rs44,797 crore as on June 30 with a debt to equity ratio at 0.39:1. It did not give the previous year’s borrowing numbers. Its capital expenditure in Q1 was Rs5,852 crore as against target of Rs22,862 crore for FY19. The finance cost for the quarter ended 30 June 2018 was Rs1,031 crore as compared to Rs739 crore in the June quarter of 2017-18.

Agencies

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