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IOC's profit down by 47% to Rs 3596 crore, impact of inventory gain

Business

  • There was a profit of Rs 6831 crore in the June quarter last year.
  • Revenue stood at Rs 1.50 lakh crore, equivalent to the June quarter of 2018

new Delhi. Indian Oil Corporation’s (IOC) profit fell 47% to Rs 3,596.11 crore in April-June. The company announced quarterly results on Wednesday. There was a profit of Rs 6,831.13 crore in the June quarter of last year. Profitability was impacted by a fall in refinery margins and inventory gains.

GRM reduced to $ 4.69 per barrel

  1. The inventory gain stood at Rs 2,362 crore in April-June this year as compared to Rs 7,065 crore in the June quarter of 2018. After the purchase of the company, if the price of crude in the international market increases, the company benefits. Because she sells processed oil at more than the purchase price. This profit is called inventory gain. But, if the crude rates are low after more purchase, then the company incurs inventory losses.

  2. IOC’s revenue stood at 1.50 lakh crore. This is almost equal to the revenue for the June quarter of last year. Gross refining margin (GRM) declined from $ 10.21 per barrel to $ 4.69 per barrel.

  3. IOC chairman Sanjeev Singh said that in April-June, the company sold 26.2 million tonnes of products. Processed 17.7 million tonnes of crude oil. Through the pipelines of the company, it supplied 2.18 million tonnes across the country.

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