The PSU OMC posted standalone net profit jumped 210% to Rs 5,941.37 crore in Q1 FY22 as compared to Rs 1,910.84 crore in Q1 FY21.
The company's revenue from operations increased 74.3% to Rs 1,55,056.27 crore in Q1 FY22 as against Rs 88,938.97 crore posted in Q1 FY21. The PSU company's profit before tax soared 196% to Rs 7,798 crore in Q1 FY22 from Rs 2,628 crore in Q1 FY21.The company said its average gross refining margin (GRM) for the period April-June 2021 zoomed to $6.58 per barrel as against negative $1.98 per barrel for the same period of the previous year. The core GRM or the current price GRM for the period April- June 2021 after offsetting inventory loss/ gain stood at $2.24 per bbl.
Due to outbreak of COVID-19 pandemic and consequent national lockdown, the operations of the company during April- June 2020 were considerably affected. However, the company assured that the impact has significantly reduced as is evident from the physical performance during April- June 2021.
Indian Oil Corporation's (IOC's) segments include sale of petroleum products, sale of petrochemicals and other businesses. As of 30 June 2021, the Government of India held a 51.50% stake in IOCL.
Shares of Indian Oil Corporation were trading 0.19% higher at Rs 104.1.
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