IOC net profit down by 45% in Q1
Indian Oil Corporation Ltd’s net profit fell 45 per cent in its fiscal first quarter of 2017 due to drop in refining margins. Net profit in the April-June period, at Rs. 4,548.51 crore or Rs. 9.60 per share, was 45 per cent lower than the Rs. 8,268.98-crore (Rs 17.45 a share) net profit in the same quarter of last fiscal.
Average gross refining margins declined to $4.32 per barrel compared with $9.98 per barrel in the same period last year. The company earned $4.32 on turning every barrel of crude oil into fuel during the quarter compared with $9.98 a barrel gross refining margin in the year-ago period.
IOC sold 20.736 million tonnes fuel in the domestic market and 1.772 mt abroad during the first quarter of 2017-18 against 20.415 mt domestic sales and 0.963 mt of exports in the same period of 2016-17.
During the quarter, the company accounted for Rs. 876.38 crore from the government as subsidy support for selling kerosene at below-market rate.
Revenues soared to Rs. 129,418.11 crore in the quarter under review from Rs. 107,670.95 crore a year ago.