The PSU OMC reported a 42.71% drop in average gross refining margin in April-December 2019 as against April-December 2018.
Shares of Indian Oil Corporation declined 0.86% to Rs 117.30 after announcing Q3 result during market hours today, 30 January 2020.On consolidated basis, net profit jumped 251.08% to Rs 2695.09 crore on a 10% decline in revenue from operations to Rs 1,46,952.50 crore in Q3 December 2019 as against Q3 December 2018.
On a standalone basis, the net profit jumped 226.3% to Rs 2339.02 crore on 11% drop in net sales to Rs 1,24,615.23 crore in Q3 December 2019 over Q3 December 2018.
Average gross refining margin for April-Dec 2019 is $3.34 per bbl versus $5.83 per bbl in April-Dec 2018.
The company accounted for Budgetary Support of Rs 1,162.80 crore in April-Dec 2019 as against Rs 3.533.80 crore reported in April-Dec 2018. Revenue Grants on sale of SKO (PDS) included in revenue from operations and no under-realization is suffered by the company on this account.
Expenses for the period April-December 2019 includes foreign exchange loss of Rs 1,225.28 crore as against Rs 2340.45 crore reported in April-Dec 2018. For period Oct-Dec 2019, foreign exchange loss is Rs 181.90 crore.
As of 31 December 2019, the Government of India holds a 51.5% stake in the company while ONGC holds a 14.2% stake in the company.
Indian Oil Corporation's segments include sale of petroleum products, sale of petrochemicals and other businesses. Its other businesses segment includes sale of gas, explosives and cryogenics, wind mill and solar power generation, and oil and gas exploration activities.
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