The Indian Oil Corporation (IOC) Saturday announced a 2 per cent increase in net profit for the second quarter at ₹6,360 crore compared to ₹6,227 crore in the corresponding quarter of FY21 on account of a higher refining margin.

Meanwhile, net profit for the six months ended September 30 was higher at Rs.12,301 crore compared to Rs.8,138 crore during the corresponding period, mainly due to higher inventory gains and higher refining margins during the second quarter.

The company said that its board of directors has declared an interim dividend of Rs 5 per share (face value of Rs 10 per share).

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Revenue from operations was ₹3,24,827 crore for the period April to September 2021 as compared to ₹2,04,693 crore in the corresponding period of the second financial year Revenue from operations was ₹1,69,771 crore in the quarter The second of FY22 compared to ₹1,15,754 crore in the corresponding quarter of FY21.

IndianOil sold 40.506 million tons of product, including exports, during April-September 2021. Refining throughput for the first six months of FY22 was 31.996 million tons, and the company’s pipeline network throughput was 39.408 million tons. IndianOil’s CEO, SM Vaidya, said in a statement that gross refining margin (GRM) for the period was $6.57 per barrel compared to $3.46 in the corresponding period of the previous fiscal year.

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“For the second quarter of FY22, IndianOil’s product sales, including exports, were 20.181 million tons. Refining throughput was 15.277 million tons, and the company’s national pipeline network throughput was 19,533 million tons during the quarter,” Vidya added.

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