Business

IOCL profit surges 211% to Rs 5,941 crore in Q1 on inventory gains

The company’s board has also approved the diversification of IndianOil Petronas (IPPL), a joint venture of IOCL and Malaysia-based Petronas, into auto-fuel retailing business in India. IPPL currently focuses mainly on operating LPG import terminals at Haldia and Ennore.The corporate’s board has additionally permitted the diversification of IndianOil Petronas (IPPL), a three way partnership of IOCL and Malaysia-based Petronas, into auto-fuel retailing enterprise in India. IPPL presently focuses primarily on working LPG import terminals at Haldia and Ennore.

State-run Indian Oil Corporation (IOCL) on Friday reported a internet revenue of Rs 5,941.4 crore on a standalone foundation for the quarter ended June 30, recording a 210.9% rise from the identical interval a 12 months in the past.

The oil refining and advertising firm attributed the rise in revenue to stock positive factors, stemming from fluctuations in international oil costs and rising margins of petrochemical merchandise.

The corporate’s board has additionally permitted the diversification of IndianOil Petronas (IPPL), a three way partnership of IOCL and Malaysia-based Petronas, into auto-fuel retailing enterprise in India. IPPL presently focuses primarily on working LPG import terminals at Haldia and Ennore.

As retail costs of petroleum merchandise are mapped with worldwide charges, a gradual rise of world oil costs in Q1FY22 meant that by the point IOCL offered its merchandise after processing crude, retail charges had elevated. With out disclosing the precise stock acquire figures for the quarter, IOCL chairman SM Vaidya mentioned the corporate’s gross refining margin within the quarter, which included the influence of stock positive factors, was $6.58/barrel in opposition to the unfavorable margin of $1.98/barrel within the corresponding quarter in FY21. IOCL had recorded a list lack of Rs 3,196 crore in Q1FY21. Owing to rising international crude costs and really excessive authorities taxes, petrol and diesel are presently being offered at their all-time excessive charges.

IOCL offered 18.8 million tonne (MT) of petroleum merchandise within the quarter, marking an annual rise of 21.3%. The corporate’s income within the interval jumped 73.7% yearly to Rs 1.56 lakh crore, whereas bills dropped by 70% to Rs 1.48 lakh crore. Tax bills within the quarter elevated 158.8% yearly to Rs 1,857.1 crore. IOCL spent round Rs 4,000 crore within the quarter in capital expenditure. The total-year capex goal of the corporate in FY22 is Rs 28,500 crore. IOCL commissioned 122 new gas shops within the June-quarter.

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https://www.financialexpress.com/business/iocl-profit-surges-211-to-rs-5941-crore-in-q1-on-inventory-gains/2301137/ | IOCL revenue surges 211% to Rs 5,941 crore in Q1 on stock positive factors

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