Indian Oil Corporation Ltd. (IOC) has registered a Profit of Rs. 3,683 crore for the first quarter of the current financial year ended June 2009 as compared to Rs. 415 crore for the same quarter of the previous year. Higher profit during the quarter was mainly on account of inventory gains, foreign exchange gains and lower interest. The Corporation’s Gross Turnover for the same period is Rs. 63,521 crore as compared to Rs. 80,735 crore during previous year. The unaudited financial results of the Corporation were taken on record at the meeting of the Board of Directors here today.

According to IndianOil Chairman, Mr. Sarthak Behuria, the under-recovery on account of non-realisation of market-related prices for Petrol, Diesel, PDS Kerosene and LPG (Domestic) for the quarter was Rs. 2,961 crore .

Mr. Behuria added that the Corporation sold 17.652 million tonnes of products, including gas and exports, during the first quarter of 2009-10. Its eight refineries registered a combined throughput of 12.466 million tonnes, with a capacity utilisation of 100.32%. The Corporation’s pipelines network too registered a throughput of 16.105 million tonnes for the quarter which is 6.6 % higher as compared to same quarter of previous year.