IOC Q2 Results: Net Profit At ₹6,025.81 Cr

The Net Profit for the second quarter of FY 2020-21 for IndianOil (IOCL) is ₹6,227 crores as compared to ₹563 crores in the corresponding quarter of FY 2019-20, an official statement read.

According to the statement, the Net Profit is due to higher inventory gain and exchange gains during the current quarter against inventory losses in the corresponding quarter of last year.

The net profit for the six months ended September 30 this year is higher at ₹8,138 crores as compared to ₹4,160 crores during the corresponding period mainly on account of higher inventory gain and exchange gains during the current period, it said.

Meanwhile, the Revenue from Operations of IOCL is ₹1,15,749 crores in Q2 2020-21 as compared to ₹1,32,377 crores in the corresponding quarter of FY 2019-20.

IndianOil reported revenue from operations of ₹2,04,686crores for the first half of Financial Year 2020-21 as compared to ₹2,82,514crores in the corresponding period of Financial Year 2019-20, it added.

IndianOil Chairman, Mr. S. M. Vaidya, said, "IndianOil sold 35.403 million tonnes of products, including exports, during the first six months of the financial year 2020-21. Our refining throughput for the first six months of FY2020-21 was 26.899 million tonnes and the throughput of the Corporation's countrywide pipelines network was 32.364million tonnes during the year. The gross refining margin (GRM) during the first half of the year 2020-21was US$ 3.46 per bbl as compared to US$ 2.96 per bbl in the corresponding period of the previous financial year".

For the second quarter of FY 2020-21, IndianOil's product sales volumes, including exports, were 18.899million tonnes. The refining throughput was 13.969million tonnes and the throughput of the Corporation's countrywide pipelines network was 17.347million tonnes during the same period," he added.