Indian Oil Corporation fell 0.20% to close at Rs 146.80 after consolidated net profit slumped 88.86% to Rs 370.44 crore on 13.03% decline in net sales to Rs 1,34,769.02 crore in Q2 September 2019 over Q2 September 2018.
On a standalone basis, the net profit tumbled 82.64% to Rs 563.42 crore on 12.66% drop in net sales to Rs 132,375.69 crore in Q2 September 2019 over Q2 September 2018.
The PSU OMC reported an average gross refining margin for the period April-September 2019 at $2.96 per barrel as against $8.45 per barrel during April-September 2018.
The company has accounted for a budgetary support of Rs 944.41 crore in April-September 2019 compared with Rs 2,270.03 crore during April-September 2018 as revenue grants on sale of SKO (PDS) included in revenue from operations and no under-realization is suffered by the firm on this account.
Expenses include foreign exchange loss of Rs 1,135.13 crore in July-September 2019 period over Rs 2,619.72 crore in July-September 2018.
The result was announced during market hours today, 31 October 2019.
Indian Oil Corporation's segments include sale of petroleum products, sale of petrochemicals and other businesses. Its other businesses segment includes sale of gas, explosives and cryogenics, wind mill and solar power generation, and oil and gas exploration activities.
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