IndianOil’s Q1 consolidated net profit up 51% to Rs 7,175 cr

Mumbai: State-run Indian Oil Corporation (IndianOil) on Saturday posted a consolidated net profit of Rs 7,175.59 crore, up 51 per cent year-on-year, for the quarter ended June 30, 2018.

The consolidated net profit for the corresponding quarter of the previous fiscal stood at Rs 4,736.15 crore, the company said in a BSE filing.

The country’s largest oil marketer registered a total income of Rs 1.52 lakh crore for the April-June quarter, a hike of 15 per cent from Rs 1.32 lakh crore in the year-ago quarter.

“IndianOil sold 22.866 MMT (million metric tonnes) of products, including exports, during Q1 2018-19,” IndianOil Chairman Sanjiv Singh was quoted as saying in a statement.

“Our refining throughput for Q1 2018-19 was 17.666 MMT and the throughput of the corporation’s countrywide pipelines network was 22.852 MMT during the same period.”

According to the company, its Gross Refining Margin (GRM) for the first quarter was $10.21 per bbl as compared to $4.32 per bbl in the corresponding quarter of 2017-18.

The company’s standalone net profit for the quarter under review increased to Rs 6,831 crore as against Rs 4,549 crore reported for Q1 2017-18.

The company’s standalone revenue from operations increased by 16.8 per cent to Rs 149,747 crore.