IOCL clocks net profit of Rs 8,245 crore -Governance Now

IOCL clocks net profit of Rs 8,245 crore

IndianOil sold 43.394 million tonnes of products in the first six months of 2017-18

GN Bureau | October 30, 2017

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Indian Oil has registered income of Rs 2,38,828 crore for the first half of 2017-18 fiscal as compared to Rs 2,07,458 crore in the corresponding period of the last fiscal.

The enterprise’s net profit for the half year ended September 20, 2017 stood at Rs 8,245 crore as compared to Rs 11,391 crore during the same period of the last fiscal, majorly due to inventory losses during the current period as against inventory gains during first half of 2016-17.

The reported income from operations of IndianOil is Rs 1,10,637 crore in the second quarter of 2017-18 as compared to Rs 1,00,260 crore in the corresponding quarter of 2016-17.

“IndianOil sold 43.394 million tonnes of products, including exports, during the first six months of the current fiscal. Our refining throughput for the first half of 2017-18 was 33.617 million tonnes. The gross refining margin during April-September 2017 was $ 6.08 per bbl as compared to $ 7.19 per bbl in corresponding period of 2016-17 fiscal,” said IOCL chairman Sanjiv Singh.

For the second quarter of current fiscal, IndianOil’s product sales volumes, including exports, was 20.886 million tonnes.

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