Indian Oil Q1 net profit falls 47% to Rs 1,910.84 crore on poor demand


PTI, Aug 1, 2020, 10:22 AM IST

Indian Oil corporation Ltd (IOC), the nation’s biggest oil firm, on Friday reported a 47 per cent drop in its June quarter net profit as pandemic outbreak pummelled fuel demand and shrank refining margins.

Standalone net profit in April-June quarter at Rs 1,910.84 crore, or Rs 2.08 per share, was 46.8 per cent lower than Rs 3,596.11 crore, or Rs 3.92 a share, net profit in the same period of the last financial year, the company said in a regulatory filing.

With a good part of the quarter being spent under lockdown where the vehicular movement was sparse, IOC fuel sales fell 29 per cent to 15.25 million tonnes.

Its refineries processed 25 per cent less crude oil at 12.9 million tonnes in the first quarter of 2020-21 fiscal.

IOC said it lost USD 1.98 on turning every barrel of crude oil into fuel in the April-June period. This compared to a gross refining margin of USD 4.69 a barrel in Q1 of 2019-20.

“The outbreak of coronavirus (Covid-19) globally and in India has impacted businesses and economic activities in general. The spread of Covid-19, along with nationwide lockdown starting from March 25, 2020, has caused a serious threat to human lives and resulted in a reduction in global demand and disruption in the supply chain, which have forced the businesses to restrict or close the operations in short term,” it said.

Income from operations fell to Rs 88,936.54 crore in April-June from Rs 150,136.70 crore a year back.

“The company’s sales during the month of April 2020 were impacted significantly by the nationwide lockdown and consequently capacity utilization of the plants was lower. However, the same has come back close to normal levels by the month of June 2020,” it said.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Jayant Patil claims BJP used irrigation ‘scam’ to blackmail Ajit Pawar; Fadnavis, NCP chief hit back

Medical College expels 5 MBBS students from hostel for ragging juniors

Insulting women is in DNA of Cong leaders, alleges Jharkhand BJP

Man arrested from Delhi for calling up Pappu Yadav posing as aide of Lawrence Bishnoi

Tejasvi Surya hits out at Kharge, CMs of Cong-ruled states over poll promises

Farooq Abdullah seeks inquiry into spike in terror attacks in Valley since Omar’s swearing-in

Sabarimala pilgrims to get free insurance coverage of Rs five lakh

Related Articles More

Jayant Patil claims BJP used irrigation ‘scam’ to blackmail Ajit Pawar; Fadnavis, NCP chief hit back

Medical College expels 5 MBBS students from hostel for ragging juniors

Insulting women is in DNA of Cong leaders, alleges Jharkhand BJP

Man arrested from Delhi for calling up Pappu Yadav posing as aide of Lawrence Bishnoi

Shah Rukh Khan turns 59, fans wait outside Mannat to catch superstar’s glimpse

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Jayant Patil claims BJP used irrigation ‘scam’ to blackmail Ajit Pawar; Fadnavis, NCP chief hit back

Medical College expels 5 MBBS students from hostel for ragging juniors

Insulting women is in DNA of Cong leaders, alleges Jharkhand BJP

Man arrested from Delhi for calling up Pappu Yadav posing as aide of Lawrence Bishnoi

Tejasvi Surya hits out at Kharge, CMs of Cong-ruled states over poll promises

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.