IOC Q1 Net Profit Dips 45% On Lower Refining Margins

Paterniano Del Favero
Agosto 3, 2017

Indian Oil Corp Ltd (IOC.NS) said on Thursday net profit fell 45 percent in its fiscal first quarter of 2017, beating analysts' estimates, as higher inventory losses and lower refining margins weighed on profitability.

IOC's gross refinery margin for the quarter stood at $4.32 per barrel declining from $9.98 per barrel recorded in corresponding period a year ago.

International Olympic Committee recorded net profit of Rs 4,548.51 crore, down by 44.99% compared to Rs 8,268.98 crore in the corresponding period of the previous year.

However, Q1 net profit was up by 22.25% from Rs 3,720.62 crore of the preceding quarter.

International Olympic Committee sold 20.736 million tonne fuel in the domestic market and 1.772 million tonne overseas during the first quarter of 2017-18.

This compared to 20.415 million tones domestic sales and 0.963 million tons of exports in the same period of 2016- 17. The company said that it accounted for budgetary support of Rs 876.38 crore during the quarter as revenue grants and that there was no under-realisation.

State-run oil marketing companies (OMCs) continue to raise prices of subsidised kerosene by 25 paise every fortnight in a move to bring prices closer to market levels.

After the announcement, Indian Oil shares went up.

This is published unedited from the IANS feed.

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