NEW DELHI: Flagship oil refiner and fuel retailer IndianOil Corporation on Friday posted a standalone net profit of Rs 6,227.31 crore, or Rs 6.78 per share, in the July-September quarter, marking a tenfold increase from Rs 563.42 crore net profit in the year-ago period.
\nCompany chairman S M Vaidya said IOC refineries were operating at 93% capacity, up from 35% during the lockdown period, and expected fuel demand to be back to normal in a couple of months.
\nThe profit increased in spite of lower sales mainly due to inventory gains of Rs 7,400 crore, against Rs 1,807 crore inventory losses in the year-ago period, and forex gains of Rs 672 crore as compared to forex losses of Rs 1,135 crore in the previous corresponding period.
\nA decline in outflows at Rs 109,497.85 crore from Rs 134,823.53 crore a year ago also helped the bottom line.
\nThe company sold 17.7 million tonne of fuels in the July-September period, which is 16 per cent higher than the preceding quarter but 12 per cent lower than 20.17 million tonnes sold in the year-ago period.
\nRevenue from operations was lower at Rs 1.15 lakh crore as compared to Rs 1.32 lakh crore a year ago.
\nThe company\u2019s refineries processed almost 14 million tonnes of crude oil in the second quarter, up from about 13 million tonnes in the April-June period, but lower than 17.5 million tonnes a year ago.<\/p>\n","protected":false},"excerpt":{"rendered":"
NEW DELHI: Flagship oil refiner and fuel retailer IndianOil Corporation on Friday posted a standalone net profit of Rs 6,227.31 crore, or Rs 6.78 per share, in the July-September quarter, marking a tenfold increase from Rs 563.42 crore net profit in the year-ago period. Company chairman S M Vaidya said IOC refineries were operating at 93% capacity, up from 35% during the lockdown period, and expected fuel demand to be back to normal in a couple of months. The profit increased in spite of lower sales mainly due to inventory gains of Rs 7,400 crore, against Rs 1,807 crore inventory […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,219,137],"tags":[],"class_list":["post-381499","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/381499","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=381499"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/381499\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=381499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=381499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=381499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}