Indian Oil Q3 net profit jumps 19 pc on higher refining margin
Jan 31, 2022
New Delhi [India], January 31 : Indian Oil Corporation Limited reported a standalone net profit of Rs 5,861 crore for the December quarter of the fiscal year 2021-22, a 19.19 per cent rise from a net profit of Rs 4,917 crore during the same period of the last financial year (FY21).
As per the company's official statement, the rise in profits was due to a higher refining margin during the current quarter. Revenue from operations for the Government-owned oil major was at Rs 1,97,172 crores in Q3 2021-22 as compared to Rs 1,46,465 crores in the corresponding quarter of FY 2020-21.
For the third quarter of FY 2021-22, Indian Oil's product sales volume including exports was 22.591 million tonnes (MT). The refining throughput was 17.404 MT and the throughput of the corporation's countrywide pipelines network was 21.779 MT during the quarter, the statement read.
For the period of April-December FY22, the company's operational revenue was Rs 5,21,999 crore, compared to Rs 3,51,157 crore recorded during a year-ago period.
The net profit for the nine months ended December 31, 2021, is higher at Rs 18,162 crore as compared to Rs 13,055 crore during the corresponding period mainly on account of higher refining margins and higher inventory gain during the current period.
Indian Oil Chairman SM Vaidya said, "We have sold 63.097 million tonnes of products, including exports, during the period April-December 2021. The refining throughput for the first nine months of FY 2021-22 was 49.400 MT and the throughput of the corporation's countrywide pipelines network was 61.187 MT during the period."
The gross refining margin (GRM) during the period April-December 2021 was USD 8.52 per barrel as compared to USD 2.96 per bbl in the corresponding period of the previous financial year.
The Board of Directors of the Corporation in its meeting held on January 31, 2022, has declared a second interim dividend of Rs 4 per equity share. This is in addition to the interim dividend of Rs 5 per equity share paid during the period by the company.
