IOC net at new peak
New Delhi   28-May-2016

Indian Oil Corporation (IOC) today reported a record net profit of Rs 10,399 crore in 2015-16 to become the nation's second-most profitable PSU even as it's March-quarter earnings dropped 80 per cent on account of inventory losses. IOC's net profit during the March quarter stood at Rs 1,235.64 crore.

The oil company's net profit during the year was second only to ONGC's earnings of Rs 16,004 crore in 2015-16.

Chairman B. Ashok said IOC's bottomline in 2015-16 had almost doubled compared with Rs 5,273.03 crore in the previous fiscal. "Profit during 2015-16 is the highest ever and better than an earning of Rs 10,200 crore in 2009-10."

"This was because of an inventory loss of Rs 3,335 crore against a loss of Rs 871 crore in the fourth quarter of 2014-15," he said. There was a provision of Rs 881 crore made for an impairment of asset following a sharp fall in crude prices.

HPCL numbers
Hindustan Petroleum Corporation's March-quarter net profit fell 28.1 per cent to Rs 1,553 crore from Rs 2,162 crore a year ago on provisioning for a rise in rentals and foreign exchange losses. Net revenue fell 5.4 per cent to Rs 42,195 crore from Rs 44,616 crore a year ago. Gross refining margins stood at $7.51 per barrel against $7.47 per barrel in the corresponding previous period.

HPCL plans to invest Rs 22,500 crore to expand its refineries in Mumbai and Visakhapatnam by 2020. It will invest Rs 4,200 crore to expand its Mumbai unit's capacity to 9.5 million tonnes per annum (mtpa) and Rs 18,000 crore to expand the Visakhapatnam unit's capacity to 15mtpa.