IOC Q1 net profit dips 45% on lower refining margins

New Delhi: State-owned Indian Oil Corp (IOC) today reported almost halving of its standalone net profit in the June quarter of the current fiscal, mostly due to drop in refining margins.

Net profit in the April-June period, at Rs 4,548.51 crore or Rs 9.60 per share, was 45 percent lower than the Rs 8,268.98 crore (Rs 17.45 a share) net profit in the same quarter of last fiscal.

The company earned USD 4.32 on turning every barrel of crude oil into fuel in the quarter as compared to USD 9.98 a barrel gross refining margin in the year-ago period.

IOC sold 20.736 million tonne fuel in the domestic market and 1.772 million tonne abroad during the first quarter of 2017-18. This compared to 20.415 million tones domestic sales and 0.963 million tons of exports in the same period of 2016- 17.

During the quarter, the company accounted for Rs 876.38 crore from the government as subsidy support for selling kerosene at below-market rate.

Revenue soared to Rs 129,418.11 crore in the quarter under review, from Rs 107,670.95 crore a year ago.