IndianOil powers back to profit zone with Rs 3,122 crore Q2 net

IndianOil posted a net profit of Rs 11,391 crore for the half year ended 30th September 2016 as compared to net profit of Rs 6,141 crore 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 crore as compared to Rs 2,11,043 crore in corresponding period of FY 2015-16 and despite better physicals, the decrease is purely because of fall in international prices in current period.

IndianOil’s income from operations was Rs 1,00,274 crore in second quarter 2016-17 as compared to Rs 97,299 crore in the corresponding quarter of fiscal 16. 

Profit for the second quarter of 2016-17 is at Rs 3,122 crore as compared to loss of Rs 450 crore in the corresponding quarter of 2015-16 mainly due to improved refining and petrochemical margins.

IndianOil Chairman, 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 April-September 2016 was $7.19 per bbl as compared to $5.76 per bbl in 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 second quarter FY 16-17 and the throughout the corporation’s countrywide pipelines network was 20.974 million tonnes during the same 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.