Indian Oil’s Q1 revenue greater than doubles to Rs 5,689 crore

Indian Oil reported doubling of internet revenue to Rs 5,689 crore within the June quarter from Rs 2,643 crore a 12 months earlier buoyed by strong advertising margins.

Income from operations grew 1% to Rs 218,608 crore within the three months ended June.

“Enchancment in internet revenue is especially on account of upper refining and advertising margins being set off to some extent by stock losses,” the state-run refiner and retailer mentioned.

Indian Oil incurred a list lack of Rs 6,465 crore in the course of the quarter in comparison with a list acquire of Rs 3,345 crore a 12 months earlier, mentioned AS Sahney, chairman, referring to the robust impression of stock within the quarterly earnings.

The corporate’s gross refining margin (GRM) for the quarter stood at $2.15 per barrel in comparison with $6.39 per barrel within the year-earlier interval. (Recheck this) After eradicating the impact of stock loss and acquire, margin can be $6.91 in comparison with $2.84 a 12 months earlier.

Indian Oil and different home gasoline retailers like BPCL and HPCL have been having fun with robust advertising margins on retail gross sales of petrol and diesel since they’ve continued to maintain pump costs frozen regardless of a decline in worldwide gasoline charges.Indian Oil had an under-recovery of Rs 3,858 crore on the sale of cooking gasoline in the course of the quarter in comparison with Rs 4,294 crore a 12 months earlier. The federal government has determined to compensate oil advertising corporations to the tune of Rs 30,000 crore for LPG under-recoveries, however the modalities are but to be labored out.Indian Oil reported the highest-ever quarterly gross sales quantity of 26.32 million metric tonnes (MMT) in April-June in comparison with 25.25 MMT within the year-ago interval. The corporate’s home petroleum gross sales quantity rose 4.2% towards the trade’s 3.9%. Institutional diesel gross sales quantity elevated 40.3% in comparison with trade’s 14.8%. Common capability utilisation at its refineries was 107% in the course of the quarter.Shares in Indian Oil, valued at about Rs 198,000 crore, ended 1.58% decrease at Rs 140.15 apiece on Thursday when the benchmark BSE Sensex closed practically unchanged.