In Q3FY18, Indian Oil Corporation (IOC) doubled its profit to Rs 7,883.22 crore, or Rs 16.63 per share, from Rs 3,994.91 crore, or Rs 8.43 a share, in the same period a year ago, IOC chairman Sanjiv Singh told journalists. IOC also declared a 1:1 bonus share (one free share for every existing equity share of Rs 10 each). The board of directors declared an interim dividend of Rs 19 per share as well.
"The variation in net profit is largely due to higher inventory gains as well as improved operative performance,'' he said. The company booked an inventory gain of Rs 6,301 crore in the quarter ended December 31, 2017, as compared to a gain of Rs 3,051 crore in the same period a year ago. An inventory gain arises when a company buys crude oil at a particular price but by the time it is able to process it and take the petroleum products to market, the rates have moved up.
International oil prices have risen more than 30 percent since OPEC and non-OPEC producers agreed to limit production from January 2017. Singh said the company made USD 12.32 on turning every barrel of crude oil into fuel in the quarter as compared to a gross refining margin (GRM) of USD 7.67 per barrel in the previous fiscal.
The net profit for the nine months ended December 31, 2017, was Rs 16,128 crore compared to Rs 15,386 crore during the corresponding period of the previous year. The gross refining margin during the period Apr-Dec 2017 was US$ 8.28 per barrel as compared to US$ 7.36 per barrel in the corresponding period of 2016-17. Singh said, "Indian Oil sold 66.2 million tonnes of products, including exports, during the first nine months of 2017-18."
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IOC doubled profit in Q3FY18
By IndianMandarins - 2018-03-15 10:59:27
In Q3FY18, Indian Oil Corporation (IOC) doubled its profit to Rs 7,883.22 crore, or Rs 16.63 per share, from Rs 3,994.91 crore, or Rs 8.43 a share, in the same period a year ago, IOC chairman Sanjiv Singh told journalists. IOC also declared a 1:1 bonus share (one free share for every existing equity share of Rs 10 each). The board of directors declared an interim dividend of Rs 19 per share as well.
"The variation in net profit is largely due to higher inventory gains as well as improved operative performance,'' he said. The company booked an inventory gain of Rs 6,301 crore in the quarter ended December 31, 2017, as compared to a gain of Rs 3,051 crore in the same period a year ago. An inventory gain arises when a company buys crude oil at a particular price but by the time it is able to process it and take the petroleum products to market, the rates have moved up.
International oil prices have risen more than 30 percent since OPEC and non-OPEC producers agreed to limit production from January 2017. Singh said the company made USD 12.32 on turning every barrel of crude oil into fuel in the quarter as compared to a gross refining margin (GRM) of USD 7.67 per barrel in the previous fiscal.
The net profit for the nine months ended December 31, 2017, was Rs 16,128 crore compared to Rs 15,386 crore during the corresponding period of the previous year. The gross refining margin during the period Apr-Dec 2017 was US$ 8.28 per barrel as compared to US$ 7.36 per barrel in the corresponding period of 2016-17. Singh said, "Indian Oil sold 66.2 million tonnes of products, including exports, during the first nine months of 2017-18."
