IOC Q1 profit jumps over three-fold on refining margin boost

IOC Q1 profit jumps over three-fold on refining margin boost

PTIUpdated: Friday, July 30, 2021, 02:44 PM IST
article-image
IOC earned $6.58 on turning every barrel of crude oil into fuel in the quarter as opposed to a gross refining margin (GRM) of a minimum $1.98 a barrel a year back. |

Indian Oil Corporation (IOC) on Friday reported over three-fold jump in June quarter net profit on the back of surge in refining margin and inventory gains.

Standalone net profit of Rs 5,941.37 crore, or Rs 6.47 a share, in April-June is compared with Rs 1,910.84 crore, or Rs 2.08 per share, in the same period of 2020-21, the company said in a filing to stock exchanges.

India's largest oil refiner earned $6.58 on turning every barrel of crude oil into fuel in the quarter as opposed to a gross refining margin (GRM) of a minimum $1.98 a barrel a year back.

After netting out inventory gain, the core GRM was $2.24 per barrel.

Revenue from operations was up 74 per cent at Rs 1.55 lakh crore.

RECENT STORIES

HUL Names Priya Nair As CEO & MD With Effect From August 1

HUL Names Priya Nair As CEO & MD With Effect From August 1

Canara Bank Withdraws Order Classifying Anil Ambani’s ₹1,050 Crore Loan Account As Fraudulent;...

Canara Bank Withdraws Order Classifying Anil Ambani’s ₹1,050 Crore Loan Account As Fraudulent;...

Singapore Airlines Partners With Mandai Wildlife Group To Offer Curated Wildlife Experiences And...

Singapore Airlines Partners With Mandai Wildlife Group To Offer Curated Wildlife Experiences And...

India Must Build Supply Chain Resilience In Energy Sector To Achieve Self-Reliance: Union Minister...

India Must Build Supply Chain Resilience In Energy Sector To Achieve Self-Reliance: Union Minister...

TCS Reports 6% Q1 Net Profit Rise To ₹12,760 Crore, Announces ₹11 Interim Dividend

TCS Reports 6% Q1 Net Profit Rise To ₹12,760 Crore, Announces ₹11 Interim Dividend