Indian Oil Corp Q4 net profit rises 17% on inventory, exchange gains

The rise in net profit is on account of inventory and exchange gains, said IOC Chairman Sanjiv Singh on Friday

State-run Indian Oil Corporation (IOC) on Friday reported a 17 per cent increase in net profit for the fourth quarter (Q4) of the financial year (FY) 2018-19 to Rs 6,099.27 crore. Net profit in January-March 2018 was Rs 5,218.10 crore. 

“The rise in net profit is on account of inventory and exchange gains,” IOC Chairman Sanjiv Singh said on Friday.

The company’s gross refining margin (GRM) for the period under review was seen at $4.09 a barrel as against a higher GRM of $9.12 a barrel in the January-March quarter of 2017-18. 

The company’s inventory gain for the quarter was Rs 2,655 crore versus Rs 4,172 crore during the corresponding quarter last year. The foreign exchange gain for the January to March quarter of 2018-19 was Rs 837 crore compared to a forex loss of Rs 676 crore last year. 

IOC has reported revenue from operations of Rs 1,44,472 crore, compared to Rs 1,36,716 crore last year. During the fourth quarter, IOC's product sales volume, including exports, was 22.638 million tonne (MT). While the company's refining throughput was 17.35 MT during the quarter, its pipeline throughput was seen at 21.22 MT.