IOC out of red in Q1 with Rs.2,523 crore net profit

The country's largest oil marketer Indian Oil Corp (IOC) Tuesday said it had come out of the red with a net profit of Rs.2,523 crore for the first quarter ended June on the back of lower interest costs and the benefit of exchange variations.

The state-run company had posted a net loss of Rs.3,093 crore in the corresponding quarter of the previous fiscal.

"The increase in net profit during the first quarter of the current year vis-a-vis the same quarter of the last year is mainly attributable to exchange variations and lower interest cost," IOC said here in a release.

IOC's income from operations from the quarter in question was Rs.1,24,957 crore, as against Rs.1,10,467 crore in the quarter ended June 2013.

Commenting on the results, IOC chairman B. Ashok said: "Indian Oil sold 19.772 million tonnes of products, including exports, during April-June 2014.

"Our refining throughput for Q1 2014-15 was 12.866 million tonnes and the throughput of the Corporation's countrywide pipelines network was 18.890 million tonnes during the same period," he added.

IOC stock closed Tuesday at Rs.340.95 a share, 11.80 points, or 3.58 percent, higher than its previous close on the BSE.

--Indo-Asian New Service

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