ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Rakesh Jhunjhunwala portfolio's net worth drops by 25% or Rs 8300 cr in 3 months owing to weak market
  • Zomato-Blinkit Deal: Food aggregator accused of not sharing information about deal on time; Investors file complaint with SEBI
  • Delhi government monsoon session commences today; salary hike of ministers, MLAs on the cards
  • National Pharmaceutical Pricing Authority fixes retail prices of 84 drug formulations
  • Twitter Blue users on Android can now customise navigation bar
Read in App
Business News » Companies News

IOC Q4 profit jumps 17% to Rs 6,099 crore; here's what chairman Sanjiv Singh said

Indian Oil Corporation Ltd (IOC) on Friday reported its fourth-quarter results. The company said in its filling that the net profit for the quarter was surged 17% to Rs 6,099 crore, driven by higher exchange gains.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
IOC Q4 profit jumps 17% to Rs 6,099 crore; here's what chairman Sanjiv Singh said
The company said in its filling that the net profit for the quarter was surged 17% to Rs 6,099 crore, driven by higher exchange gains. Image: Zeebiz

Indian Oil Corporation Ltd (IOC) on Friday reported its fourth-quarter results. The company said in its filling that the net profit for the quarter was surged 17% to Rs 6,099 crore, driven by higher exchange gains. IOC also reported a profit of Rs 5,218 crore in the corresponding year-ago period. The state run fuel retailer posted a revenue of Rs 144,472 crore in the fourth quarter of 2018-19 as compared to Rs 136,716 crore in the corresponding year ago period. 

Sanjiv Singh, Chairman, IOC told Zee Business TV, ''This year on a yearly basis we had a total profit of around Rs 16,800 crore. If we compare on a quarter on quarter (QoQ) basis then there was a significant improvement in terms of Q4 to Q4 profit, which was predominantly because of higher inventory gain during this quarter four.''

The improved profit comes against the backdrop of diesel and petrol retail prices in the nation remaining subdued as the Lok Sabha Elections 2019 are going on. IOC and the two other state-run petroleum corporations, Bharat Petroleum Corp. Ltd and Hindustan Petroleum Corp. Ltd have also kept the prices unchanged, as the Karnataka poll campaign was on then.

The country’s largest refiner registered an annual revenue of Rs 605,924 crore in the financial year 2018-19, a 19.64% increase over Rs 506,428 crore revenue posted in 2017-18. The increase in revenue for IOC was due to higher volumes and value of products sold. However, the net profit for the year fell by 21% to Rs 16,894 crore on account of exchange losses and lower inventory gain.

''If seen on the yearly point of view, then we have lost close to Rs 1,800 crores towards the exchange. But in the fourth quarter, we had some advantage over the previous fourth quarter, which was also nullified. If the rupee is seen in terms of dollars then volatility can be felt. This volatility led to price fluctuations, which had an impact on our profitability.''

The gross refining margin (difference between cost of processing crude and revenue earned from sale of finished products) was $5.41 per barrel in 2018-19, against $8.49 per barrel in 2017-18. While IOC also has Rs 2,655 crore as inventory gain in the quarter ended March.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Indian Oil Corporation
Written By: ZeeBiz WebTeam
Updated: Mon, May 20, 2019
11:17 pm
New Delhi, ZeeBiz WebDesk
RELATED NEWS
Q4 Results 2022; IOC, Dr Lal Path Labs, Bajaj Electricals, IRB Infra declare March quarter results; here are key highlights, dividend details Q4 Results 2022; IOC, Dr Lal Path Labs, Bajaj Electricals, IRB Infra declare March quarter results; here are key highlights, dividend details
Indian Oil Corporation rolls out methanol-blended petrol M15 on pilot basis Indian Oil Corporation rolls out methanol-blended petrol M15 on pilot basis
IOC to pump in Rs 840cr to set up Petroleum, Oil and Lubricant plant, raise storage capacity in North East IOC to pump in Rs 840cr to set up Petroleum, Oil and Lubricant plant, raise storage capacity in North East
Petrol, diesel price hikes may restart from next week as crude oil hits USD 110 mark Petrol, diesel price hikes may restart from next week as crude oil hits USD 110 mark
Indian Oil Corporation to build India's first green hydrogen plant - All you need to know Indian Oil Corporation to build India's first green hydrogen plant - All you need to know

LATEST NEWS

Stocks to buy: Sanjiv Bhasin picks SBI, IDFC First Bank, Eicher Motors for gains today; check why

Corporate Watch: JSW Steel, Titan, Torrent Pharma, Mindtree, Mphasis among 20 stocks that will remain in focus on dividend, bonus announcements this week

OnePlus TV 50 Y1S Pro with 4K UHD display launched at Rs 32,999 in India - Check availability

Stocks to buy today: Sigachi Industries, Sun Pharma, NFL and Federal Bank among list of 20 stocks for profitable trade on July 4

Delhi government monsoon session commences today; salary hike of ministers, MLAs on the cards

Rakesh Jhunjhunwala portfolio's net worth drops by 25% or Rs 8300 cr in 3 months owing to weak market

Solv raises USD 40 mn from Japan's SBI Holdings, others

Gold Price Today: Yellow metal subdued on marginal pressure from high dollar index – check prices in metro cities

Money Guru: How To Take Care Of Your CIBIL Score For Better Financial Planning? Expert decodes

Twitter Blue users on Android can now customise navigation bar

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV