NEW DELHI: Flagship oil refiner and fuel retailer IndianOil Corporation (IOC) on Friday posted a standalone net profit of Rs 6,227 crore, or about Rs 6.8 per share, in the July-September quarter, marking an 11-fold increase from Rs 563 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 109,498 crore from Rs 134,824 crore a year ago also helped the bottom line. IOC sold 17.7 million tonnes of fuels in the July-September period, which is 16% higher than the preceding quarter but 12% lower than 20.2 million tonnes sold in year-ago period.<\/p>\n","protected":false},"excerpt":{"rendered":"
NEW DELHI: Flagship oil refiner and fuel retailer IndianOil Corporation (IOC) on Friday posted a standalone net profit of Rs 6,227 crore, or about Rs 6.8 per share, in the July-September quarter, marking an 11-fold increase from Rs 563 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 […]<\/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-381507","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\/381507","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=381507"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/381507\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=381507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=381507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=381507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}