Indian Oil posted a net profit of Rs. 11,391 crores for the half year ended September 30, 2016, as compared to net profit of Rs. 6,141 crores during the corresponding period of the previous year. The income from operations for the first half of FY 2016-17 was Rs. 2,07,475 crores (Rs. 2,11,043 crores). Despite better physicals, the decrease is purely because of the fall in international prices in the current period.
Indian Oil’s income from operations was Rs. 1,00,274 crores in Q2 16-17 as compared to Rs. 97,299 crores in the corresponding quarter of 2015-16. Profit for the second quarter of 2016-17 was Rs. 3,122 crores as compared to a loss of Rs. 450 crores in the corresponding quarter of 2015-16 mainly due to improved refining and petrochemical margins.
The Chairman, Mr. B. Ashok, said: “IndianOil sold 41.076 million tonnes of products, including exports, during the first six months of 2016-17. Our refining throughput for H1 2016-17 was 31.734 million tonnes and the throughput of the Corporation’s countrywide pipelines network was 42.411 million tonnes during the same period. The gross refining margin (GRM) during the period Apr-Sept’16 was $7.19 per bbl as compared to $5.76 per bbl in the corresponding period of FY 2015-16.”
For the second quarter of 2016-17, IndianOil’s product sales volumes, including exports, was 19.698 million tonnes. The refining throughput was 15.635 million tonnes in Q2 FY 16-17 and the throughput of the Corporation’s countrywide pipelines network was 20.974 million tonnes during the period.
The gross refining margin (GRM) for the second quarter of 2016-17 was $4.32 per bbl as compared to $0.90 per bbl in the corresponding quarter of 2015-16.