Oil marketing firm Indian Oil Corporation (IOC) on Wednesday reported a 47.36 per cent year-on-year drop in standalone profit at Rs 3,596 crore in April to June quarter.
The oil refining major had reported Rs 6,831 crore profit in the same quarter last year. On a sequential basis, profit fell 41 per cent from Rs 6,099 crore in the quarter ended March.
Revenue for the quarter rose marginally at Rs 1.5 lakh crore from Rs 1.49 lakh crore in the same quarter last year. It was Rs 1.45 lakh crore in the January to March quarter.
The gross refining margin for Q1 FY20 came in at 4.69 dollars a barrel compared to 10.21 dollars a barrel in Q1 FY19 while foreign exchange gains came in at Rs 91.75 crore, it said in a statement.
On the other hand, total expenses moved up to Rs 1.45 lakh crore in Q1 FY20 from Rs 1.36 lakh crore in Q4 of FY19 and Rs 1.39 lakh crore in Q1 of FY19.
IOC said it accounted for budgetary support of Rs 656 crore during Q1 FY20 compared to Rs 1,136 crore in the corresponding quarter last year, noting that no under-realisation was suffered by the company.
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