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IndianOil’s Q2 turnover up 10% to ‘94,680 crore

IndianOil’s Q2 turnover up 10% to ‘94,680 crore
Indian Oil Corporation Ltd (IOC) has registered a profit of Rs 9,611 crore for the second quarter of the financial year 2012-13 compared to a loss of Rs 7,486 crore for the corresponding quarter of the previous financial year, mainly due to release of Government assistance to the tune of Rs 16,094 crore toward under-recoveries on sale of three sensitive products diesel, PDS kerosene and LPG (domestic).

The unaudited financial results of the Corporation were taken on record at the meeting of the Board of Directors. IndianOil’s turnover for the second quarter of the current fiscal year rose by 10 per cent to Rs 94,680 crore from Rs 86,101 crore during the corresponding quarter last year.

For the half-year ended September 2012, the gross turnover rose by 11.2 per cent to Rs 196,616 crore from Rs 176,815 crore during the corresponding period of previous financial year.

However, the Corporation has posted a loss of Rs 12,840 crore for the first six months of financial year 2012-13 compared to a loss of Rs 11,204 crore for the same period of the previous year mainly on account of under-recoveries on account of non-realisation of market-related prices for diesel, PDS kerosene and LPG (domestic), which still stand at Rs 13,635 crore for the period April-September 2012.

IndianOil Chairman R S Butola said, ‘IndianOil’s product sales volumes including exports rose by 0.152 million tonnes (mt) to 17.845 million tonnes during the second quarter of financial year 2012-13 compared to the corresponding quarter of the previous financial year.’

‘Our quarterly refining throughput went up marginally by 0.072 million tonnes to 13.118 million tones as compared to the corresponding quarter of the previous financial year,’ he added.

‘The throughput of the Corporation’s countrywide pipelines network went up by 0.322 million tonnes to 18.440 million tonnes as compared to the corresponding quarter of the previous year,’ informed the IndianOil chairman.
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