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Indian Oil Corp's Net Profit Sinks 83% In Q2

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On Thursday, Indian Oil Corporation (IOC) reported a significant drop of 82.65 percent fall in profit for the September-ended quarter at Rs 563.42 crore from Rs 3,246.93 crore of the same period in the previous year.

 

The state-owned company's revenue from operations also fell by 12.66 percent to Rs 1.32 lakh crore for the second quarter of 2019-20 on a year-on-year basis.

Indian Oil Corp's Net Profit Sinks 83% In Q2
Indian Oil Corporation: Quotes, News
BSE 105.30BSE Quote0.85 (-0.81%)
NSE 105.30NSE Quote0.85 (-0.81%)

The large variation was on account of inventory loss in the September 2019 quarter and an inventory gain in the same quarter a year ago, the company said.

The oil retailer's total income for the period under review fell by 12.83 percent to Rs 1.33 lakh crore from Rs 1.52 lakh crore a year ago.

The average gross refining margin (GRM) for April-September 2019 was at $2.69 per barrel when compared to $8.45 a barrel in the previous year.

Shares of IOC closed 2.14 percent lower at Rs 144 on NSE.

Story first published: Thursday, October 31, 2019, 16:29 [IST]
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