Indian Oil Profit Nearly Halves To Rs 3,596 Crore In June Quarter

Indian Oil Corporation, the country's largest fuel retailer, on Wednesday reported a net profit of Rs 3,596.11 crore for the April-June period. That marked a decline of 47.36 per cent compared to the corresponding period a year ago. In a regulatory filing during market hours, the company said its total revenue rose 0.29 per cent to Rs 1,50,766.57 crore in the quarter ended June 30.

Indian Oil said its average gross refining margin stood at $4.69 per barrel in the quarter ended June 30, 2019, as against $10.21 per barrel in the year-ago period. Gross refining margin determines how much a company earns by refining a barrel of crude oil.

The company said its petroleum product revenue came in at Rs 1,46,611.51 crore in the first quarter of the current financial year, marking an increase of 0.82 per cent compared to the corresponding period a year ago. 

Its petrochemicals revenue, however, declined 25.68 per cent to Rs 5,282.73 crore in the April-June period, according to its regulatory filing.

 Shares in Indian Oil Corporation ended 3.86 per cent higher at Rs 138.70 apiece on the BSE, outperforming the benchmark Sensex index which finished at a gain of 0.22 per cent.