Indian Oil Corp Ltd (IOC), the country’s top refiner, on Friday reported a three-fold rise in net profit in the June quarter, helped by higher gross refining margins as prices of oil products surged.<\/p>\n
The state-owned company had reported a net profit of 59.41 billion rupees ($798.92 million) in the quarter ending June 30, compared with a profit of 19.11 billion rupees a year earlier, when lockdowns due to the COVID-19 pandemic hammered fuel demand and squeezed margins.<\/p>\n
Analysts were expecting a net profit of 42.48 billion rupees for the first quarter, according to Refinitiv data.<\/p>\n
Even though India was battered by a second wave of coronavirus infections during April and May, the restrictions imposed were not as severe as last year, with most states allowing vehicular movement.<\/p>\n
The company recorded gross refining margins – profit from converting a barrel of oil into refined products – of $6.58 per barrel in the three months to June compared with minus $1.98 per barrel a year earlier.<\/p>\n
Revenue from operations for quarter rose to 1.55 trillion rupees from 889.39 billion rupees a year ago.<\/p>\n
IOC and its unit, Chennai Petroleum, control about a third of India’s five million-barrels-per-day refining capacity.<\/p>\n","protected":false},"excerpt":{"rendered":"
Indian Oil Corp Ltd (IOC), the country’s top refiner, on Friday reported a three-fold rise in net profit in the June quarter, helped by higher gross refining margins as prices of oil products surged. The state-owned company had reported a net profit of 59.41 billion rupees ($798.92 million) in the quarter ending June 30, compared with a profit of 19.11 billion rupees a year earlier, when lockdowns due to the COVID-19 pandemic hammered fuel demand and squeezed margins. Analysts were expecting a net profit of 42.48 billion rupees for the first quarter, according to Refinitiv data. Even though India was […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-428225","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/428225","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\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=428225"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/428225\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=428225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=428225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=428225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}