Indian Oil Q1 net zooms over eight-fold to Rs3,683 crore
31 Jul 2009
Indian Oil Corporation Ltd (IOC), the country's largest oil refining and marketing firm, has reported a near eight-fold jump in its fiscal first quarter (April-June 2009-10) net profit at Rs3,683 crore, against Rs415 crore for the same quarter of the previous financial year.
The higher profit during the quarter was mainly on account of inventory gains, foreign exchange gains and lower interest, the company said in a release.
IOC's gross turnover for the period stood lower at Rs63,521 crore as compared to Rs80,735 crore during previous year, unaudited financial results showed.
IOC's under-recoveries on account of non-realisation of market-related prices for petrol, diesel, PDS kerosene and LPG (domestic) for the quarter stood at Rs2,961 crore, chairman Sarthak Behuria said.
The corporation sold 17.652 million tonnes of products, including gas and exports, during the first quarter of 2009-10. Its eight refineries registered a combined throughput of 12.466 million tonnes, with a capacity utilisation of 100.32 per cent, Behuria added.
IOC's pipelines network also registered a throughput of 16.105 million tonnes for the quarter, which is 6.6 per cent higher as compared to same quarter of the previous year.
