IndianOil net rises 11% to Rs 1,468 cr
New Delhi   31-Jul-2007
Gains from rupee appreciation and good refinery margins helped IndianOil register an 11 per cent rise in net profit for the first quarter of the current fiscal at Rs 1,468 crore against Rs 1,321.82 crore in the same quarter last year. "Profit for the quarter including the impact of exchange gain stood at Rs 1,134 Crore compared with exchange loss of Rs 498 crore during the same quarter last year," Mr Sarthak Behuria, IndianOil Chairman, told newspersons after the board meeting. The sales turnover for the first quarter increased by 9.5 per cent to Rs 58,205 crore (Rs 53,142 crore). IndianOil also registered high refinery margins during the quarter. The refinery margins are revenue earned from processing crude. The average gross refinery margins during the quarter ended June 30, 2007 was $10.70 per barrel against $6.70 per barrel in the same quarter last year. During the quarter, IndianOil suffered a net under realization on sales of petrol, diesel, and kerosene and liquefied petroleum gas, which stood at Rs 4,879 crore compared with the year-ago period. "We are losing about Rs 90 crore per day on sales of petrol, diesel, LPG and kerosene. But for the rupee appreciation the. Revenue loss would have been almost double," he said. The under-realization on petrol is Rs 5.88 a litre on petrol, diesel Rs 4.80, Rs 14.63 per litre on kerosene and Rs 189.14 per LPG cylinder, he said. IndianOil's total income increased 11.74 percent to Bs 54,553.01 crore for the first quarter ended June 30, from Rs 48,819.68 crore a year ago. IndianOil sold 14.68 million tones (mt) of petroleum products including gas in the domestic market, besides exporting 0.93 mt in the first quarter. Its seven refineries achieved a throughput of 12.02 mt.