State-run oil sector giant Indian Oil Corporation on Wednesday disclosed a 47 per cent fall in net profit for the first quarter of the ongoing financial year (Q1FY20), primarily due to lower refinery margins and inventory gains compared to the same period of the previous year. Total revenue, meanwhile, remained flat at Rs 1.53 lakh crore.
The public sector oil marketing firm reported a consolidated net profit of Rs 3,737.50 crore, or Rs 4.07 per share, compared with Rs 7,092.42 crore, or Rs 7.48 a share, in the corresponding period a year ago. “The variation is majorly on account of lower inventory gain during the quarter,” it said in its statement. The company had recorded an inventory gain of Rs 7,065 crore gain in the April-June 2018 period of last year, compared to just Rs 2,362 crore during Q1FY20.
