IndianOil Q3 net more than doubles to Rs4,917 cr, despite lower sales

Indian Oil Corporation Ltd (IOCL) has reported a net profit of Rs4,917 crore for fiscal third quarter ended 31 December 2020 compared to Rs2,339 crore in the corresponding quarter of FY 2019-20, due mainly to higher inventory gain and higher petrochemical margin during the quarter.

Revenue from operations for the quarter stood at Rs1,46,599 crore against Rs1,44,835 crore in the corresponding quarter of FY2019-20. 
For the nine-month period April-December 2020-21 IndianOil reported net profit of Rs13,055 crore compared to Rs6,499 crore during the corresponding period of the previous fiscal, mainly on account of higher inventory gain and higher petrochemical margin.
Revenue from operations for the April-December 2020-21 period stood a Rs3,51,285 crore against Rs4,27,348 crore in corresponding period of the previous financial year. 
The board of directors of the company at its meeting on 29 January 2021 has declared an interim dividend of Rs7.50 per equity share. (face value: Rs 10 per equity share).
“IndianOil sold 58.436 million tonnes of products, including exports, during the period April-December 2020. Our refining throughput for first nine months of FY 2020-21 was 44.759 million tonnes and the throughput of the corporation’s countrywide pipelines network was 54.170 million tonnes during the year,” chairman, S M Vaidya, said.
Gross refining margin (GRM) during the period April-December 2020 was lower at $2.96 per barrel compared with $3.34 per barrel in the corresponding period of the previous financial year. 
Vaidya said IndianOil's third quarter product sales volumes, including exports, was 23.033 million tonnes. The refining throughput was 17.860 million tonnes and the throughput of the corporation’s countrywide pipelines network was 21.806 million tonnes during the same period.