IOC Profit Slides 45% in Q1 on In­ven­tory Losses

The Economic Times - - Companies: Pursuit Of Profit - Our Bu­reau

New Delhi: In­dian Oil Corp, the na­tion’s largest re­finer and fuel re­tailer, has re­ported a 45% drop in April-June quar­ter on sharp in­ven­tory losses as oil prices slipped. Profit fell to ₹ 4,549 crore from ₹ 8,269 crore in the year-ago quar­ter. Rev­enue rose 19.6% to ₹ 1,28,191 crore. The com­pany suf­fered an in­ven­tory loss of about ₹ 4,000 crore in the quar­ter against a gain of ₹ 7,500 crore in the year-ago pe­riod. The gross re­fin­ing mar­gin shrunk to $4.32/bar­rel from $9.98/bar­rel a year ago. The com­pany sold 22.5 mil­lion tonnes of prod­ucts dur­ing the quar­ter. Shares in In­dian Oil, val­ued at ₹ 1,88,000 crore, closed 4.6% up on Thurs­day when the bench­mark Sen­sex ended down 0.74%.

In­dian Oil has re­quested state gov­ern­ments to de­fer value added tax (VAT) on its prod­ucts in or­der to partly off­set the hit the com­pany is tak­ing in terms of stranded in­put credit due to the roll­out of the Goods and Ser­vices Tax (GST), chair­man San­jiv Singh said.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.