Indian Oil first quarter net jumps 56% to Rs 1472 cr

BS 200 SCORECARD

Indian Oil Corporation has reported a 56 per cent jump in its net profit at Rs 1,472.17 crore for the first quarter of 2004-05 as against Rs 945 crore during the corresponding period last year.

IOC chairman MS Ramachandran attributed the higher profits to a rise in gross refining margins to $6.87 per barrel ($3.19), and higher realisation of Rs 307 crore on inventory as against loss of Rs 759 crore registered in the corresponding period of the previous year.

The company's sales turnover rose 15.2 per cent to Rs 35,577 crore (Rs 30,874 crore). The gross turnover was estimated at Rs 35,627.09 crore. The company received Rs 648 crore from Oil and Natural Gas Corporation and Gail (India) Ltd as per the formula to share Rs 3,600 crore losses incurred by oil marketing companies for selling subsidised cooking gas and kerosene.

Earnings per share (EPS) stood at Rs 12.60 at the end of June this year, compared to Rs 8.09 in the first quarter last year. IOC's seven refineries together achieved a throughput of 10.34 million tonne(8.54 million tonne).

Product sales rose 9.1 per cent as the company sold 12.37 million metric tonne of petroleum products in the domestic market, in addition to exporting 0.46 million tonne, in the first quarter of 2004-05.