Indian Oil Corporation rose 1.91% to Rs 79.95 after the company's standalone net profit surged over three times to Rs 6,227.31 crore in Q2 September 2020 from Rs 1,910.84 crore in Q1 June 2020.
The oil marketing company had reported a net profit of Rs 563.42 crore in Q2 September 2019.
Revenue from operations rose 37.2% to Rs 85,610.51 crore in Q2 September 2020 from Rs 62,396.60 crore in Q1 June 2020. The revenue, however, is down by 23.4% as compared to Rs 1,11,690.85 crore in the same period last year.
Profit before tax in Q2 FY21 stood at Rs 8,339.81 crore, increasing by more than thrice from Rs 2,628.58 crore in Q1 FY21. The company had posted a pre-tax profit of Rs 814.48 crore in Q2 FY20.
IOC incurred a current tax expense of Rs 811.45 crore during the quarter.
The company said the average gross refining margin (GRM) for the period April- September 2020 jumped 16.9% to $3.46 per barrel against $2.96 per barrel for the same period of the previous year.
The core GRM or the current price GRM for the period April- September 2020 after offsetting inventory loss/gain came to $1.57 per bbl, it added.
Indian Oil Corporation's (IOC's) segments include sale of petroleum products, sale of petrochemicals and other businesses. As of 30 September 2020, the Government of India held a 51.50% stake in IOCL while ONGC held a 14.20% stake in the company.
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