IOCL Q3 profit nearly doubles to Rs 7,883 cr -Governance Now

IOCL Q3 profit nearly doubles to Rs 7,883 cr

For the third quarter of 2017-18, IOCL product sales volumes was 22.810 mn tonnes

GN Bureau | January 31, 2018

#IOCL #Indian oil

Indian Oil Corporation has posted close to two-fold jump in net profit of third quarter of the current fiscal. It clocked a profit of Rs 7,883 crore in Q3 of this fiscal, compared to Rs 3,995 crore registered in Q3 of the last fiscal.

The Maharatna enterprise has clocked Rs 3,69,693 crore revenue from operations in the first nine months of the current fiscal as compared to Rs 3,23,088 crore in corresponding period of 2016-17 fiscal.

IndianOil chairman Sanjiv Singh, said, “IOCL sold 66.204 million tonnes of products, including exports, during the first nine months of 2017-18. Our refining throughput for 9M 17-18 was 51.849 million tonnes and the throughput of the corporation’s countrywide pipelines network was 63.113 million tonnes during the same period. The gross refining margin (GRM) during the period Apr-Dec'17 was US$ 8.28 per bbl as compared to US$ 7.36 per bbl in corresponding period of FY 16-17.”

The net profit for the same period, ended December 31, 2017, stood at Rs 16,128 crore as compared to Rs 15,386 crore during the corresponding period of the last fiscal.

For the third quarter of FY 17-18, IOCL product sales volumes, including exports, was 22.810 million tonnes. The refining throughput was 18.232 million tonnes in Q3 FY 17-18 and the throughput of the corporation's countrywide pipelines network was 22.417 million tonnes during the same period. The gross refining margin (GRM) for the third quarter of FY 17-18 was US$ 12.32 per barrel as compared to US$ 7.67 per barrel in the corresponding quarter of FY 16-17.

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