IndianOil net at Rs 415 crore
New Delhi   31-Jul-2008
IndianOil has registered a profit of Rs 415 crore for the first quarter of the financial year, which ended on June 2008 as compared to Rs 1,468 crore for the same quarter of the previous year. IndianOil's gross turnover has moved up from Rs 58,205 crore to Rs 80,735 crore recording a hike of 387%. According to IndianOil chairman, Sarthak Behuria, the company sold 16.99 million tonnes of products including exports, during the first quarter. As he puts it, "the demand for diesel has gone up in the Power sector because of diesel being subsidized and also because of other alternatives like fuel oil being comparatively higher in prices by almost Rs 4-5 per litre. On being asked about faced with losses in the domestic cooking gas (LPG), he put forward the point that "in order to deal with these losses we've put a 'temporary restriction' on new LPG connections, as the markets have saturated and even those who have CNG connections have not yet surrendered their LPG connections, we already have 2Iakh pending enrollments as of now".