IOC posts second quarter net profit of Rs 3,121 crore
New Delhi   28-Oct-2016

Oil marketer Indian Oil Corporation (IOC) Ltd today reported a net profit of Rs 3,121.89 crore for the second quarter ended September as compared to a net loss of Rs 450.24 crore in the corresponding period last fiscal.

The company’s total income from operations during the quarter also rose to Rs 100,273 crore as compared to Rs 97,299 crore in Jul-Sep last year.

The company said its average Gross Refining Margin during the period rose to $7.19 per barrel against $5.76 per barrel in Jul-Sep last year. GRM is the difference between the total value of petroleum products and the price of crude.

The oil refiner also said its total expenditure dropped marginally to Rs 96,006 crore in the second quarter as compared to Rs 97,781 crore in the corresponding period last year with cost of materials consumed falling from Rs 39,375 crore to Rs 36,960 crore in Q2 this year.

The company’s other income for the period rose to Rs 854 crore from Rs 472 crore last year.

Total domestic sales of IOC stood at 18.4 million tonne during the quarter compared with 18.13 million tonne a year ago while exports grew to 1.2 million tonne from 0.92 million tonne last year.