IndianOil's Q3 net profit up 19% on higher refining margin
Premium- Its revenue from operations stood at ₹1,97,172 crores in Q3 2021-22, 34.6% higher than ₹1,46,465 crore in the corresponding quarter of FY21
NEW DELHI : IndianOil Corporation Ltd on Monday reported a 19.19% rise in its standalone net profit for the quarter ended December at ₹5,861 crore.
During the same period of the last financial year (FY21), the company had reported a net profit of ₹4,917 crore. In a statement, the company attributed the rise in profits to higher refining margin during the quarter.
Its revenue from operations stood at ₹1,97,172 crores in Q3 2021-22, 34.6% higher than ₹1,46,465 crore in the corresponding quarter of FY21.
For the period of April-December FY22, the company's operational revenue was ₹5,21,999 crore, compared to ₹3,51,157 crore recorded during the year ago period.
The board of directors of IndianOil in its meeting held on Monday also declared the second interim dividend of ₹4 per equity share. This is in addition to the interim dividend of ₹5 per equity share paid during the period by the company.
IndianOil Chairman, S. M. Vaidya, said: “IndianOil sold 63.097 million tonnes of products, including exports, during the period April–December 2021. Our refining throughput for first nine months of FY 2021-22 was 49.400 million tonnes and the throughput of the corporation’s countrywide pipelines network was 61.187 million tonnes during the period. The gross refining margin (GRM) during the period April–December 2021 was $8.52 per bbl (barrel) as compared to $2.96 per bbl in corresponding period of previous financial year."
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He added that for the third quarter of FY22, IndianOil's product sales volumes, including exports, was 22.591 million tonne. The refining throughput was 17.404 million tonne and the throughput of its countrywide pipelines network was 21.779 million tonne during the quarter.
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