IndianOil’s Q4 net profit at Rs 6,099 cr up 17%

Mumbai, May 17 (IANS) State-run IndianOil Corp on Friday reported a 16.88 per cent rise in its standalone net profit for the fourth quarter ended March on the back of foreign exchange gains during the period.

According to the company, its standalone net profit for the quarter in consideration rose to Rs 6,099 crore, from Rs 5,218 crore for the corresponding period of the previous financial year.

The company's revenue from operations during the period under review grew to Rs 144,472 crore from Rs 136,716 crore reported for the corresponding quarter of 2017-18.

Besides, IndianOil's product sales volumes, including exports during the fourth quarter, was at 22.638 million tonnes.

"The refining throughput was 17.351 million tonnes in Q4 18-19 and the throughput of the corporation's countrywide pipelines network was 21.227 million tonnes during the same period," the company said in a statement.

However, for the entire fiscal, the company's standalone net profit declined to Rs 16,894 crore from Rs 21,346 crore reported during 2017-18, mainly on account of exchange losses and lower inventory gain during year.

"IndianOil sold 89.894 million tonnes of products, including exports, during the financial year 2018-19," IndianOil Chairman Sanjiv Singh was quoted as saying in the statement.

"Our refining throughput for FY 18-19 was 71.816 million tonnes and the throughput of the Corporation's countrywide pipelines network was 88.527 million tonnes during the year.

"The gross refining margin (GRM) during the year 18-19 was $5.41 per bbl as compared to $8.49 per bbl in corresponding financial year," he said.

The company's Board recommended a final dividend of Re 1 per share for the financial year 2018-19 subject to the approval of the shareholders.

"This final dividend is in addition to the 'Interim Dividend' of Rs 8.25 per share paid for the financial year 2018-19," the statement added.