State-owned Indian Oil Corp today said the company's highest first-quarter profit at Rs 8,268.98 crore was on the back of robust petrochemical margins and inventory gains, as it also declared a 1:1 bonus share.
Net profit of Rs 8,268.98 crore, or Rs 34.90 a share, in April-June was 25.46 per cent higher than Rs 6,590.83 crore, or Rs 27.81 per share, in the same period a year ago, IOC Director (Refineries) Sanjiv Singh told reporters here.
"The highest first quarter profit was primarily due to rise in petrochemical margins and inventory gains," he said.
Petrochem margin rose Rs 446 crore to Rs 2,224 crore in Q1. Also there was an inventory gain of Rs 7,479 crore.
The company earned USD 9.98 on turning every barrel of crude oil into fuel in April-June quarter as compared to a gross refining margin of USD 10.77 per barrel.
While refinery thruput rose 18.7 per cent to 16.099 million tonnes, domestic fuel sales was up 5.3 per cent to 20.415 million tonnes.
Singh said all of its Rs 1,331.69 crore revenue loss on sale of PDS kerosene during the quarter was reimbursed by the government.
Drop in oil price meant its revenue fell from Rs 1,14,200.24 crore for the quarter ended June 30, 2015 to Rs 1,07,670.95 crore in first quarter of current fiscal.
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