Indian Oil Corporation reported a 35% drop in consolidated net profit to Rs 2,350.25 crore in Q1 June 2020 from Rs 3623.69 crore in Q1 June 2019.
Consolidated revenue from operations tumbled nearly 41% to Rs 90,106.48 crore in Q1 June 2020 over Q1 June 2019. The result was announced during market hours today, 31 July 2020,Consolidated profit before tax (PBT) fell 41.5% to Rs 3,204.40 crore in Q1 June 2020 as against Rs 5,482.35 crore in Q1 June 2019. Total tax expense declined 54% year on year to Rs 854.15 crore in Q1 June 2020.
On a standalone basis, net profit dropped 47% to Rs 1910.84 crore on 41% fall in revenue from operations to Rs 88,936.54 crore in Q1 June 2020 over Q1 June 2019.
Average Gross Refining Margin (GRM) for the period April-June 2020 was at -$1.98 per barrel from $4.69 per barrel in April-June 2019. The core GRM or the current price GRM for the period April-March 2020 after offsetting inventory loss/ gain comes to $4.27 per barrel.
The company accounted for NIL Budgetary Support in April - June 2020 as against Rs 655.92 crore accounted in April-June 2019 as revenue grants on sale of SKO (PDS).
Shares of Indian Oil Corporation (IOCL) closed flat at Rs 88.55 on BSE.
IOCL's segments include sale of petroleum products, sale of petrochemicals and other businesses.
As of 30 June 2020, the Government of India held a 51.5% stake in IOCL while ONGC held a 14.2% stake in the company.
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