IndianOil profit plunges 47% in April-June
Mail Today, Delhi   01-Aug-2020

Indian Oil Corporation Ltd (IOC), the nation's biggest oil firm, on Friday reported a 47 per cent drop in its June quarter net profit as coronavirus pandemic pummelled fuel demand and shrank refinery margins.

Standalone net profit in AprilJune at Rs 1,910.84 crore, or Rs 2.08 per share, was 46.8 per cent lower than Rs 3,596.11 crore, or Rs 3.92 a share, net profit in the same period of the last financial year, IOC chairman Shrikant Madhav Vaidya said.

The variation in net profit is primarily due to inventory losses, he said. The firm recorded an inventory loss of Rs 3,196 crore in Q1 as compared to inventory gain of Rs 2,362 crore a year back, he said.

He said crude oil prices averaged $29.6 per barrel in Q1 compared to $50.1 per barrel in the preceding quarter.

We won't get back to normal times in the near future due to how the pandemic is spreading, he said.