Indian Oil revenue from operations dips
IndianOil reported Revenue from Operations of Rs. 2,82,511 crores for the first half of Financial Year 19-20 as compared to Rs. 3,01,313 crores in corresponding period of Financial Year 18-19. The Net Profit for the six months ended 30th September 2019 is lower at Rs. 4,160 crores as compared to Rs. 10,078 crores during the corresponding period mainly on account of lower refining margins, lower inventory gain during current period partly offset by lower exchange losses.
The Revenue from Operations of IndianOil is Rs. 1,32,376 crores in Q2 19-20 as compared to Rs. 1,51,567 crores in the corresponding quarter of FY 18-19. Profit for the second quarter of FY 19-20 is Rs. 564 crores as compared to Rs. 3,247 crores in the corresponding quarter of FY 18-19. The variation is majorly on account of inventory loss during current quarter against inventory gain during corresponding quarter of previous financial year.
IndianOil Chairman, Mr. Sanjiv Singh, said, “IndianOil sold 44.081 million tonnes of products, including exports, during the first six months of financial year 2019-20. Our refining throughput for first six months of FY 19-20 was 34.820 million tonnes and the throughput of the Corporation’s countrywide pipelines network was 43.600 million tonnes during the year.”