New Delhi: State-run oil marketing company Indian Oil Corporation reported standalone profit at Rs 8,781.3 crore in the fourth quarter ended in March 2021, rising 78.6 - nearly 79 per cent as compared to Rs 4,916.59 crore in the previous quarter and Rs 5,185 crores in the corresponding quarter of FY 2019-20.
The surpassing amount comes due to the lower tax expenses, inventory gain and the current higher petrochemical margin, SM Vaidya, the chairman of IOC informed the media persons, while announcing the Q4 finance report on Wednesday.
Further, the OMC reduced crude processing to average at 84 per cent of overall capacity from 96 per cent in April as the second wave of COVID-19 hit the country and depressed the fuel demand. Also, due to the lockdowns to curb COVID-19 cases hit industrial activities and consumption.
The revenue from operations strikes at Rs 5,14,890 crores till March 2021 as compared to Rs 5,66,354 crores in the corresponding FY 2019-20. However, the Net Profit for the year ended on March 31, 2021, is higher at Rs 21,836 crores as compared to Rs 1,313 crores.
"Indian Oil sold 81.027 million tonnes of products, including exports, during the year April – March 2021. Our refining throughput for the FY 2020-21 was 62.351 million tonnes and the throughput of the Corporation's countrywide pipelines network was 76.019 million tonnes during the year," Vaidya mentioned. He further added that the gross refining margin (GRM) during the year April – March 2021 was $5.64 per bbl as compared to $0.08 per bbl in the previous financial year.
For the fourth quarter of FY 2020-21, Indian Oil's product sales volumes, including exports, was 22.591 million tonnes. The refining throughput was 17.592 million tonnes and the throughput of the Corporation's countrywide pipelines network was 21.849 million tonnes during the same period.