Indian Oil announces Q1 2018-19 financial results

Profit for the first quarter of FY 2018-19 is Rs. 6,831 crore as compared to Rs. 4,549 crore in the corresponding quarter of the last fiscal

GN Bureau | August 22, 2018


#Indian Oil   #PSU   #IOCL  

Indian Oil’s revenue from operations stood at Rs 1,49,747 crore in Q1 2018-19 fiscal as compared to Rs. 1,28,183 crore in the corresponding quarter of the previous fiscal.

Profit for the first quarter of FY 2018-19 is Rs. 6,831 crore as compared to Rs. 4,549 crore in the corresponding quarter of the previous fiscal. The variation is majorly on account of higher inventory gains of Rs. 7,866 crore during the current quarter, which is partly compensated by lower refining margins and exchange losses.

The oil PSU has voluntarily adopted quarterly publishing of consolidated financial statement starting from the first quarter of FY 2018-19.

IOCL chairman Sanjiv Singh said, “Indian Oil sold 22.866 MMT of products, including exports, during Q1 2018-19. Our refining throughput for Q1 2018-19 was 17.666 MMT and the throughput of the corporation’s countrywide pipelines network was 22.852 MMT during the same period. The gross refining margin (GRM) for the first quarter of 2018-19 was US$ 10.21 per bbl as compared to US$ 4.32 per bbl in the corresponding quarter of 2017-18.”

 

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